Hi all,
Another big dump for BTC in the last two days. The current volumes were not enough for bulls to surpass the $9,500-$9,600 S/R area and yesterday, after the third straight day being rejected there, BTC fell down to $9,320.
As of the time of writing, it is trading even lower - at $9,100.
It was somehow expected correction since bitcoin was struggling to print a new high and a healthy pullback was always in the cards. This does not mean that we must suddenly turn bearish and we are witnessing a reversal to the downside. It is true that bitcoin lost the horizontal support and also the mid-term uptrend, but a stable close above $9,250 today will invalidate the formation of a new lower low.
What is more - the diagonal white-dotted line, which is the long-term downtrend was not broken. Additionally, I do consider that all levels down to $8,600 are good buy zones. A drope below that level, on the other hand, will make me reconsider my mid-term view on BTC.
If we zoom in to the 4-h chart we clean clearly see the three waves that the leading altcoin made after breaking above $9,000, which makes the rebound from that level highly possible if the current bull trend continues.
Cheers,
Another big dump for BTC in the last two days. The current volumes were not enough for bulls to surpass the $9,500-$9,600 S/R area and yesterday, after the third straight day being rejected there, BTC fell down to $9,320.
As of the time of writing, it is trading even lower - at $9,100.
It was somehow expected correction since bitcoin was struggling to print a new high and a healthy pullback was always in the cards. This does not mean that we must suddenly turn bearish and we are witnessing a reversal to the downside. It is true that bitcoin lost the horizontal support and also the mid-term uptrend, but a stable close above $9,250 today will invalidate the formation of a new lower low.
What is more - the diagonal white-dotted line, which is the long-term downtrend was not broken. Additionally, I do consider that all levels down to $8,600 are good buy zones. A drope below that level, on the other hand, will make me reconsider my mid-term view on BTC.
If we zoom in to the 4-h chart we clean clearly see the three waves that the leading altcoin made after breaking above $9,000, which makes the rebound from that level highly possible if the current bull trend continues.
Cheers,
Trade active:
Alright, so added some longs around $9,100 as commented. Closed some add $9,300, BTC is following our plan perfectly, rebounding up fro $9,000 and the third wave on our chart
BTC is still in a local downtrend until $9,700 is surpassed. This is 4-h chart