Hi all,
Let´s look at bitcoin.
Just as predicted on Monday, the price of BTCUSD broke out of the zone where the horizontal resistance met the diagonal one at $9,500.
It was, however, once again rejected at the $9,700 resistance, which was our next target up. Personally, I thought that this will be it and we will see another run towards $10,000 and $10,360. I guess I was wrong, at least from timing perspective since bitcoin moved back down to the lower end of the $9,600-$9,600 support zone.
A rebound from here will result in another run upwards to $9,700. A break though will most probably drag the price down back to $9,300 and $9,150.
I consider this move a health retrace, so expect a continuation of the uptrend.
On the bear side of things, the main obstacle in bulls' way is the declining volumes, which are now close to $16 billion on 24-basis, down from $20-$22 as an average for the last two weeks. Additionally, there is most definetely a bearish divergence on the RSI on daily as you can see on the below chart.
Cheers,
Let´s look at bitcoin.
Just as predicted on Monday, the price of BTCUSD broke out of the zone where the horizontal resistance met the diagonal one at $9,500.
It was, however, once again rejected at the $9,700 resistance, which was our next target up. Personally, I thought that this will be it and we will see another run towards $10,000 and $10,360. I guess I was wrong, at least from timing perspective since bitcoin moved back down to the lower end of the $9,600-$9,600 support zone.
A rebound from here will result in another run upwards to $9,700. A break though will most probably drag the price down back to $9,300 and $9,150.
I consider this move a health retrace, so expect a continuation of the uptrend.
On the bear side of things, the main obstacle in bulls' way is the declining volumes, which are now close to $16 billion on 24-basis, down from $20-$22 as an average for the last two weeks. Additionally, there is most definetely a bearish divergence on the RSI on daily as you can see on the below chart.
Cheers,
Comment:
So, the bear scenario came into reality as the bearish divergence drag price down to $9,300, almost touching the next target down $9,150. I'll be looking to add some longs here
