After the ETF denial there has been continued FUD, fear selling, and about 30~ billion has retreated from the market overall.
Currently, the price broke it's 8k, and 7.5k support, and it's next level of support lies at the 7k-7.2k level.
Stochastic RSI - This is the lowest level the stoch RSI has seen since 5/28~ which means we are very heavily oversold at this point.
Relative Volatility Index - The same can be said for the RVI, it has reached a historically low point that has not been seen since 5/26~
Fibonacci speed resistance - The red trendline drawn vertically across the price shows that the initial bull run started with very little resistance to price momentum.
After the price ran up to ~8490 it had reached a point of momentum resistance and we can see this is confirmed by the tweezer top chart formation illustrated in the sky blue box at the top of the red trendline.
Currently, the price has moved into a zone with much less resistance on the time axis.
Ichimoku Kinko Hyo - Our Kumo has continued to decrease in it's size since the run from 6-8k. Confirming the lessening volatility as seen on the RVI. Furthermore, Senkou Span A is still curled in an upward fashion which may signal a potential bullish twist on the Kumo.
The Kijun is acting slight resistance as the price has dipped under it. Although the Tenkan is still acting as support and has not yet began to show much movement.
For these reasons, I believe we will find support above 7k~
Currently, the price broke it's 8k, and 7.5k support, and it's next level of support lies at the 7k-7.2k level.
Stochastic RSI - This is the lowest level the stoch RSI has seen since 5/28~ which means we are very heavily oversold at this point.
Relative Volatility Index - The same can be said for the RVI, it has reached a historically low point that has not been seen since 5/26~
Fibonacci speed resistance - The red trendline drawn vertically across the price shows that the initial bull run started with very little resistance to price momentum.
After the price ran up to ~8490 it had reached a point of momentum resistance and we can see this is confirmed by the tweezer top chart formation illustrated in the sky blue box at the top of the red trendline.
Currently, the price has moved into a zone with much less resistance on the time axis.
Ichimoku Kinko Hyo - Our Kumo has continued to decrease in it's size since the run from 6-8k. Confirming the lessening volatility as seen on the RVI. Furthermore, Senkou Span A is still curled in an upward fashion which may signal a potential bullish twist on the Kumo.
The Kijun is acting slight resistance as the price has dipped under it. Although the Tenkan is still acting as support and has not yet began to show much movement.
For these reasons, I believe we will find support above 7k~
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