We lost strong support on 8400. Currently, 8000 is holding but drops are hard this time, and in hard price movements RSI can stay overbought or oversold for a longer period of time.
8000 proved to be a solid resistance so far, rejecting bulls 3 times and creating bullish divergence.
RSI oversold on all smaller time frames up to 2 hours.
30 minutes bullish divergence on RSI.
Falling wedge target met.
Scenarios:
Fibonacci potential levels of rebound 8150 -8350 | RSI cooling off - we continue dropping after that.
Fibonacci potential levels of rebound 8150 -8350 | stronger rebound - we try to make 8400 resistance to support again.
Cooling off on this levels a little bit and continue dropping to 7500, there is strong support (more in the update).
This is not trading advice, I am doing this merely because I want to find an easier and less messy way to keep with my own graphs.
8000 proved to be a solid resistance so far, rejecting bulls 3 times and creating bullish divergence.
RSI oversold on all smaller time frames up to 2 hours.
30 minutes bullish divergence on RSI.
Falling wedge target met.
Scenarios:
Fibonacci potential levels of rebound 8150 -8350 | RSI cooling off - we continue dropping after that.
Fibonacci potential levels of rebound 8150 -8350 | stronger rebound - we try to make 8400 resistance to support again.
Cooling off on this levels a little bit and continue dropping to 7500, there is strong support (more in the update).
This is not trading advice, I am doing this merely because I want to find an easier and less messy way to keep with my own graphs.
Comment:
8000 broken.
Double top drop 7500~
Rsi still oversold, now almost on 4hr chart
8000 broken.
Double top drop 7500~
Rsi still oversold, now almost on 4hr chart
If 8000 breaks down I expect us to test this support once again. The first time this support was strong on the 6k drop, the second drop on 7200 we had smaller rebound. If BTC tests this support again I think it will break down this trendline and we will search for the new bottom.