BTC paints a bullish correction in an overall bearish market!
After the market tried to rally but stalled into previous 61.8% resistance ($7,402), the market was starting to give a signal that this was a bullish correction in an overall bearish market.
At the previous high ($7,402) the ADX indicator crossed to show the bears taking control of the near-term trend. The market stalled on a lack of buying interest at this level. At the same time, the Relative Strength Index (RSI) was trying to break out of a red bearish zone I follow. With the hold at the top of the red bearish zone level on the indicator, this solidified the latest rally attempt as a bullish correction in an overall bearish market.
There was no crossover of the directional index lines plotted along with the ADX. The market stalled into selling interest at an early Fibonacci resistance level. The RSI has maintained a level inside the red bearish zone. These three indications working together paints a picture for a move back to previous support level lows.
Critical Resistance: $6,911.06
Key Resistance: $6,607.44
Key Support: $6,419.61
Critical Support: $6,116.00
Any questions let me know. I would also love to hear your thoughts.
At the previous high ($7,402) the ADX indicator crossed to show the bears taking control of the near-term trend. The market stalled on a lack of buying interest at this level. At the same time, the Relative Strength Index (RSI) was trying to break out of a red bearish zone I follow. With the hold at the top of the red bearish zone level on the indicator, this solidified the latest rally attempt as a bullish correction in an overall bearish market.
There was no crossover of the directional index lines plotted along with the ADX. The market stalled into selling interest at an early Fibonacci resistance level. The RSI has maintained a level inside the red bearish zone. These three indications working together paints a picture for a move back to previous support level lows.
Critical Resistance: $6,911.06
Key Resistance: $6,607.44
Key Support: $6,419.61
Critical Support: $6,116.00
Any questions let me know. I would also love to hear your thoughts.