BTC couldn't break 7750$ level. That point also was called by our AI to short BTC. We gave the signal on our telegram channel @TAcademy to short/Sell BTC at that level and take profit at 7500$-7600$ levels. Now, 7500$ as the pivot point is broken and BTC faces a difficult situation. Below this, BTC found support at 7250$ to 7300$ levels, and it is facing 7750$-8000$ levels as a fat and strong resistance. Stochastic RSI is signaling overbought on daily as well, so it means BTC needs to cool off before another rally up. Volume on the daily chart is decreasing as well. We see recent green candles have small bodies with low volumes. they were followed by a long red candle supported with a good volume as well. That means the current price level does not attract buyers to enter the market. BTC touched the red line (21-day moving average) and bounced back today. This is the trend continuation signal. So, a dip to retest the lower levels (7300$) is possible. Just below 7300$ levels, BTC has 6600$ - 6800$ -7000$ as a fat support zone.
Comment:
The RED Line is BB(21). The Pink is (144 days Moving Average) and it is positioning itself just below the Pivot point at (8000$-8100$) levels. The Support is 6750$-6900$ levels now which the purple line lies there. Stoch RSI is overbought! So, all signals BTC will retest lower levels, to cool off, especially when we saw an instant pump yesterday from 7400$ levels to 7700$ levels. BTC cannot be bullish as long as it is facing the red and the pink lines as the heavy resistance zone. See, also that 38% Fib level lies there as well as the pivot point. Look how the pink and purple lines are getting flat. It means BTC will be consolidating for a while. So, The best trade you can do is to buy at the purple and sell at the pink line.
Trade active
Comment:
The RED line is SMMA (21) - not BB(21).