Another short post today - been a lot of work lately but I'm leaving for vacation today so hopefully I will be able to make more in depth posts as before.
Right now we are seeing a corrective move on bitcoin , it does not look severe - yet.
There are plenty of signs that a broader correction might happen, but there is no proof of that happening right at this moment.
I expect us to bounce where we have 2 key intersecting, at 6300 - if we go down that much.
The immediate support should be 7850$ - but this would put out of the current , and is a tell sign for me that the market is really running out of steam and we can expect sub 7000$ happening.
In this case, we should most likely reach the price of 6500 at the least, and this is the moment of truth if bitcoin can hold there, if it does hold, we can expect another surge upwards, the question is how we will handle the 8700-9000$ resistance which seems to be a strong barrier right now.
seems to have peaked out and is declining, has crossed but is not that powerful yet, which I interpret of weakness or that there is more drop to come (this is most likely as for now).
Waiting to see how this on develops!
Have a nice day