Good morning all and happy Friday!
Leave a like and comment if you enjoy these updates!
Last night BTC fell to $8,000 again. In this analysis I will attempt to make the case for a possible return back to $9,000. Price might find its way down to the 0.786 target mentioned in the previous update at the $7,850 range, however using the 0.618 target we can see a few things happening at this level. If we are to flip the Fibonacci tool and use the recent low as the new 100% anchor, price will need to hold the 0.236 level here above $8,130 and continue moving up out of this descending wedge/channel. If price fails to break out then the white circle represents the last point of support. The rectangles mark the price levels to watch for rejection although price could always push right through it.
15 minute. As price fell the RSI and MACD showed divergent signals and a bounced happened off the $8,000 level. This shift in momentum will likely make its way into larger timeframes and possibly provide a much more substantial move up.
1H chart. Price has been falling in a down-sloping consolidation after hitting $8,538. Both MACD and RSI are showing bullish divergences with the recent low in price at $8,000. It is likely that this momentum shift brings a push up out of this channel before reaching the 0.786 however hitting lower lows cannot be discounted.
4H chart. If we examine the RSI closely we actually see a higher low on the recent low in price.
1D RSI support and possible momentum shift on the MACD.
Let me know what you think!
Feel free to contact me for any questions or concerns!
Leave a like and comment if you enjoy these updates!
Last night BTC fell to $8,000 again. In this analysis I will attempt to make the case for a possible return back to $9,000. Price might find its way down to the 0.786 target mentioned in the previous update at the $7,850 range, however using the 0.618 target we can see a few things happening at this level. If we are to flip the Fibonacci tool and use the recent low as the new 100% anchor, price will need to hold the 0.236 level here above $8,130 and continue moving up out of this descending wedge/channel. If price fails to break out then the white circle represents the last point of support. The rectangles mark the price levels to watch for rejection although price could always push right through it.
15 minute. As price fell the RSI and MACD showed divergent signals and a bounced happened off the $8,000 level. This shift in momentum will likely make its way into larger timeframes and possibly provide a much more substantial move up.
1H chart. Price has been falling in a down-sloping consolidation after hitting $8,538. Both MACD and RSI are showing bullish divergences with the recent low in price at $8,000. It is likely that this momentum shift brings a push up out of this channel before reaching the 0.786 however hitting lower lows cannot be discounted.
4H chart. If we examine the RSI closely we actually see a higher low on the recent low in price.
1D RSI support and possible momentum shift on the MACD.
Let me know what you think!
Feel free to contact me for any questions or concerns!