We're still in a bear market and there are multiple resistances at 8600-9000. At 8560-8600 there are 50 day MA and major resistance trendline (log). At 9k we have TD setup resistance line and 0.786 fibonacci from 20-6k movement. Moreover we're on 7 of 9 in TD (Tone Vays ver.), so I expect the price to reverse in 0-2 days from now at 8-9k price range. There are few supports but they are scattered and not defined enough to be important, so I think this will be quite smooth downside movement to the 6k in ~9-12 days from now. The 6k shall not hold this time, but the first targets to take profits are ~6-7k.
Short entry 8.6-9k, don't overleverage.
The first bigger support I can see for mid term is 0.236 fibonacci at 4.8k (1.3-20k movement) to 4970 resistance line.
Short entry 8.6-9k, don't overleverage.
The first bigger support I can see for mid term is 0.236 fibonacci at 4.8k (1.3-20k movement) to 4970 resistance line.
Comment:
Looks like the market chose and we're on a good way for the first short entry at ~8.6k. Another one is at 9k. I'd put a SL at ~9.2.
Trade active:
Unfortunately it didn't hit the price target of ~8.6, but reversed from ~8.3-8.4. However I've put some amount in short after todays small pump to ~8.1, because TD showed perfected TD sell setup. The recent fall to ~7870 turned the candle to the red 1, so that's some confirmation of correction/downtrend. On the other hand I can see overall positive community sentiment, so I find the reverse to the upside at ~7.5-7.6 to be possible.
Comment:
I'm also going to take some profit around ~7.6.
Comment:
After the reverse to 8.1 BTC turned completely neutral. I still think 8.6-9.0 will not be breachable though.