Hi guys, been on holiday so no posts for awhile.
Looking at the charts we can see the price did in fact break the high at 41.3k and continued with a corrective squeeze higher to around 42.75k before a swift rejection at this level sending the price back down to the 40k levels resulting in a 6% loss in the BTC price.
For me right now I think we could see the price drop back down to the 37k/36k zone before finding some support and giving the bulls the conformation needed to target that high at 42.75k again.
Reason for this prediction are the sharp divergence we can see on the RSI, the corrective ascending nature we've seen since the start of the breakout attempt, the break back below the 41.3k high and lastly the fact we broke below and are now trading through the lower trendline of this ascending channel.
Also if you have a look on the daily chart you can see the close on the 31st was a sort of hanging man and the close for yesterday was a high test/spinning top candle and for me this is showing signs of an impending sell which would be fine alsong as we find support at the area I have said.
Looking at the charts we can see the price did in fact break the high at 41.3k and continued with a corrective squeeze higher to around 42.75k before a swift rejection at this level sending the price back down to the 40k levels resulting in a 6% loss in the BTC price.
For me right now I think we could see the price drop back down to the 37k/36k zone before finding some support and giving the bulls the conformation needed to target that high at 42.75k again.
Reason for this prediction are the sharp divergence we can see on the RSI, the corrective ascending nature we've seen since the start of the breakout attempt, the break back below the 41.3k high and lastly the fact we broke below and are now trading through the lower trendline of this ascending channel.
Also if you have a look on the daily chart you can see the close on the 31st was a sort of hanging man and the close for yesterday was a high test/spinning top candle and for me this is showing signs of an impending sell which would be fine alsong as we find support at the area I have said.