In the previous chart I said that we had some possible scenarios.
What's happened? Btc raised to the big red rectangle ( a big resistance), then dropped to the green dashed line (good support).
What is the next move? In the prevoius chart I said that the rsi in h4 would fall in the red circle (oversold zone). Now from this point we could see a bounce up... all the indicators in h4 show to me that the bears strenght is weaker than the previous hour and as you can see some hours ago a lot of volumes entered, the same volumes we had in 19 december.
The last time rsi went oversold in h4, was 6 Feb. From this point starts a dynamic support (white dashed line). Now btc is oversold again, but the price is higher and the white line it's forming an ascendat triangle with the red rectangle (resistance).
So what i expect now? In my opionion there will be a bounce and probably btc will retest 11500-12000 area but if the volume will be lower in the next hours and days and if there will be more fud, the price will drop again.
How much could fall? I think btc won't go more down than 6500 usd in the next days(blue arc).
Honestly I'm positive for the next hours but probably we will see another drop by the end of the month!
What's happened? Btc raised to the big red rectangle ( a big resistance), then dropped to the green dashed line (good support).
What is the next move? In the prevoius chart I said that the rsi in h4 would fall in the red circle (oversold zone). Now from this point we could see a bounce up... all the indicators in h4 show to me that the bears strenght is weaker than the previous hour and as you can see some hours ago a lot of volumes entered, the same volumes we had in 19 december.
The last time rsi went oversold in h4, was 6 Feb. From this point starts a dynamic support (white dashed line). Now btc is oversold again, but the price is higher and the white line it's forming an ascendat triangle with the red rectangle (resistance).
So what i expect now? In my opionion there will be a bounce and probably btc will retest 11500-12000 area but if the volume will be lower in the next hours and days and if there will be more fud, the price will drop again.
How much could fall? I think btc won't go more down than 6500 usd in the next days(blue arc).
Honestly I'm positive for the next hours but probably we will see another drop by the end of the month!
Comment:
Guys im sorry, i made a mistake in this sentence: " Now from this point we could see a bounce up... all the indicators in h4 show to me that the bears strenght is weaker than the previous hour and as you can see some hours ago a lot of volumes entered, the same volumes we had in 19 december." RIGHT SENTENCE: " .......is weaker than the previius hour, but as you can see, some hours ago a LOT OF VOLUME HAS GONE OUT!!!!"
