This is just a follow-up post to the ones I've made in the last month.
As always I'll be checking the volume on the larger timeframes to get an overall perspective before drilling into the smaller ones. Aside from volume levels, keep tabs on the RSI and where it's historically bounced as a reference guide. My target will be the Support Zone I've marked so long as the bulls haven't made their rebound. We'll probably drop to $8500 get a bounce that goes into a bear flag before the next leg down unless there's a massive liquidation of long positions that sends BTC straight to $7k. Seeing as how $6800 has always been the last stop (historically speaking) I could see us pushing down to that before doing a sharp V rebound. Anyway, I'll be scaling out around $7255.
So far, no real news from BTC aside from Grayscale buying coins (haven't personally confirmed). That said, the covid pandemic and the fact that the U.S is dropping the ball along with the Fed printing money can make BTC a considerable alternative down the road (once Bitcoin is back in the news after reaching new high's). We are still in the early adopters phase of it imo.
As always I'll be checking the volume on the larger timeframes to get an overall perspective before drilling into the smaller ones. Aside from volume levels, keep tabs on the RSI and where it's historically bounced as a reference guide. My target will be the Support Zone I've marked so long as the bulls haven't made their rebound. We'll probably drop to $8500 get a bounce that goes into a bear flag before the next leg down unless there's a massive liquidation of long positions that sends BTC straight to $7k. Seeing as how $6800 has always been the last stop (historically speaking) I could see us pushing down to that before doing a sharp V rebound. Anyway, I'll be scaling out around $7255.
So far, no real news from BTC aside from Grayscale buying coins (haven't personally confirmed). That said, the covid pandemic and the fact that the U.S is dropping the ball along with the Fed printing money can make BTC a considerable alternative down the road (once Bitcoin is back in the news after reaching new high's). We are still in the early adopters phase of it imo.