Bitcoin has build some strong resistance here.
So i think the possibility is high that Bitcoin will go down now, however there is a small possibility that it will break through the Trendline and bounce down from the 8500$ resistance.
Another Indicator is that Bitcoin in 1h is highly overbought at the moment. But Bitcoin in 1D is oversold so we should not be to confident.
My advise would be to open an short if Bitcoin dont breaks that Trendline.
These are just my thoughts, the information provided is not a financial advice.
So i think the possibility is high that Bitcoin will go down now, however there is a small possibility that it will break through the Trendline and bounce down from the 8500$ resistance.
Another Indicator is that Bitcoin in 1h is highly overbought at the moment. But Bitcoin in 1D is oversold so we should not be to confident.
My advise would be to open an short if Bitcoin dont breaks that Trendline.
These are just my thoughts, the information provided is not a financial advice.
Comment:
I adjusted my Trendline a little bit upwards so that it uses now the Highs of the Candles. I still think this new Trendline will hold, so i am still short. The Target gonna be at least 8100$.
Trade closed manually:
I closed the Trade after it broke my Trendline at 8295$.
Now Bitcoin formed an Bullish Engulfing Pattern at the Daily and the RSI begins to rise. On daily it looks really bullish now.
Now Bitcoin formed an Bullish Engulfing Pattern at the Daily and the RSI begins to rise. On daily it looks really bullish now.