The current situation:
1. Price action has dipped below the 12HR 200MA at about 10.4K, which has been holding up the bearish price action for a lot of the past few weeks. Price is now at about 10.3K with the next levels of support being the 3D 50 and weekly 21MA at about 10.1K.
If these 2 supports break, we are bracing for 9.5K. But we do still have more than half of the week left before the weekly candle closes for a confirmation.
2. There is bearish divergence on the monthly RSI so do keep a close eye on if that plays out as it could prompt another dump.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
*These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
1. Price action has dipped below the 12HR 200MA at about 10.4K, which has been holding up the bearish price action for a lot of the past few weeks. Price is now at about 10.3K with the next levels of support being the 3D 50 and weekly 21MA at about 10.1K.
If these 2 supports break, we are bracing for 9.5K. But we do still have more than half of the week left before the weekly candle closes for a confirmation.
2. There is bearish divergence on the monthly RSI so do keep a close eye on if that plays out as it could prompt another dump.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
*These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.