As you can see, BTC has completed a 0.5 fib retrace from ~10500 to ~8500.
BTC is currently fighting with the D200MA which should act as some support. (Orange line) If we close below 200, the 128D is waiting to support at 8398.
BTC is also resting on the lower trend line marked from the beginning of this bull cycle in Dec 2019.
You can also see a fair amount of hidden bullish divergence with daily candles, marked with pink arrows.
Overall, This appears to be a solid spot to lay out some longs. I recommend stop loss below 8398. Caution should be taken to not catch a potential falling knife.
BTC is currently fighting with the D200MA which should act as some support. (Orange line) If we close below 200, the 128D is waiting to support at 8398.
BTC is also resting on the lower trend line marked from the beginning of this bull cycle in Dec 2019.
You can also see a fair amount of hidden bullish divergence with daily candles, marked with pink arrows.
Overall, This appears to be a solid spot to lay out some longs. I recommend stop loss below 8398. Caution should be taken to not catch a potential falling knife.