It looks like Bitcoin wants to make a bounce from this support zone. We have bullish divergence on MACD on the 6hr and RSI bullish divergence on the 4hr as well as a bullish crossover on MACD. Price continues to wick down to this big descending trend line as an additional support (see below snapshot). If we bulls keep pushing, we could see another squeeze up into the 10k-10.2k range where I expect more downside to follow after that but we will get to that when the time comes.
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Snapshot below shows the trend line and horizontal support currently being tested. Note how important this support level has been:
Please give this idea a like if you found it useful!
Snapshot below shows the trend line and horizontal support currently being tested. Note how important this support level has been:
Comment:
Check out the big volume bar on Bitfinex recently. It pushed the OBV up really high too, basically back to the level it was at around the 10.2k highs. That volume came when price dipped down to 9.5k too which tells me it's accumulation going on. We'll see if that turns out to be true.