Support around 8250 may provide a small bounce (grey boxes)
Main movement is probably back down to bottom and a little further. Previous bounce came at €uro support line (~6000), and there will be another small bounce here.
However, the main bounce will come from the $ dollar support line at 5400. Providing an opportunity for re-entry.
Other Markers The daily RSI should hit oversold just before 5400, and help the leg back up again. Central line of the Pitchfork may coincide with 5400 support, adding further support.
Long Term Often the third breakout attempt is successful. If my theory about €uro and DOLLAR bottoms is correct, there may be enough bull power to push through the resistance, but its a month away, and a lot can happen in a crypto month.
Conclusion I made my last trade for a while today. Let my emotions get the better of me and pulled out too late. Reduced a 4% gain to 1%. Still its a better rate than any bank will give me. I'm in fiat now. I'll keep an eye on things and continue to post, but my money is going safe for a while. Happy Hunting.
Caveat: I am not a professional trader or adviser. Do your own research before making any trade. Never trade more than you can afford to loose.
Noob question: shouldn't you've waited for the price to break down the 9700? I'm waiting for that, if I see it below 9600 I will get fiat. What do you think? Thanks for the TA
reppac
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@fabaUY, HODLers would say yes, and it depends on how you trade. There will be some price action around 9700, but the overall trend is in my opinion bearish. In the chart you can see a resistance to the RSI, so I don;t see any big pump any time soon. The daily RSI is also looking bearish. The 4hr MACD looks dreadful and the daily MACD is starting to turn toward a bearish crossover. That's too many bear signs for me.
As it happens I have some big purchases to make in the real world, so need to pull my investments in for a few weeks. Now seems like good time.