An overall update for longterm #BTC:
Overall market is still bullish, with a short term bearish retracement.
Our daily chart has broken out a downtrend channel and formed a smaller uptrend channel, right now we are at the top of it.
Please also note that there is a rising wedge formed, we are exaclty right at the apex now.
RSI Daily is also at overbought level.
Scenario:
To continue the bullish movement, we must be able to close above 9140 which is very unlikely. So the biggest possibility at this time is a retracement towards + -8.6k for a yearly support test. And if it fails to hold, it will test the top of the previous downtrend channel at around 8.4k ..
Don't forget to research it yourself! Happy weekend 🙏 ☕️
Overall market is still bullish, with a short term bearish retracement.
Our daily chart has broken out a downtrend channel and formed a smaller uptrend channel, right now we are at the top of it.
Please also note that there is a rising wedge formed, we are exaclty right at the apex now.
RSI Daily is also at overbought level.
Scenario:
To continue the bullish movement, we must be able to close above 9140 which is very unlikely. So the biggest possibility at this time is a retracement towards + -8.6k for a yearly support test. And if it fails to hold, it will test the top of the previous downtrend channel at around 8.4k ..
Don't forget to research it yourself! Happy weekend 🙏 ☕️