As i have shared in my previous TA's i expected a drop to the 28K level before then coming back up as shown by my drawing and we we're very close to hitting that exactly! Now taking a look here we got a possible upcoming rejection for BTC, Looking at the bollinger bands we are fast approaching the midline on the bands and this is for the time being resistance and we could possibly see a bit of a bounce off here pushing us a little bit downwards, but i do think we are going to be starting our recovery as we speak. Now also something that correlates perfectly with the bollinger band resistance is the RSI, as you can see we had a longer term uptrend support on the RSI that is now flipped into resistance and this level has proven to be pretty strong, we are a few hairs away from this resistance just like the midline on the bb's and thats why i believe we could definitely see a rejection here for the time being. Now if we do break this uptrend resistance we then face resistance of the actual midline on the RSI, so for the time being i think we are going to see a bounce off to the downside, if i was a betting man i would easily bet on a rejection here. looking at the pivot points we do have a fair ways to go before reaching that pivot line where we could then reverse to the bullish side of things, i have said before a few times, if we are in between 30k and 40k i am neutral, for the reasoning of because we have been in sideways movement between these levels since may and i don't think it would be logical to be bullish or bearish until we either break 40k or we break 30K, the sideways movement is unpredictable and is way to hard to predict exactly where we are headed again until either of these levels are broken! Not financial advice just my opinion!
