Weekly last 3 candles are all looking bad. Especially the current one.
We have a double top on weekly RSI, plus hell of a divergence. (Such divergences are almost everywhere, including this daily graph)
11.280 was short term pivot, while 10.600 is midterm pivot that could trigger the main sell-off if we lose it.
Losing 10.600 could potentially open doors for low 7K prices, but I believe 8800-9100 range could hold the door (hodor!) and save BTC from a massive collapse.
My worst case scenario is this: If we lose 10.600, fast sell-off will begin to 9800 area and if it fails to hold (i think it will fail because we have a very clear H&S formation that wants 8300 or so) then to 8800 range. If it also fails, I believe the worst case scenario will be 7400-7000 range at most. Weekly EMA's will attract the price towards themselves and don't let the price fall to the abyss. Daily 200 EMA will also defend 7K range. Additionally, do you see that white tick line? That trend line began from 12 Jan. 2015 and acted as massive support all the time. If prices go too far away, it attracted it back to itself. If prices collapsed below it, it attracted them back towards itself. So it will not let the prices go too deep down, because it is too intolerant to such violations especially when the prices penetrate itself towards the downside.
I also expect until that date (until we see 8000 prices) most indicators would hit their bottom and get ready to give buy signals if they will have not already.
Finally, 7230 will be 38.2% fibo retracement from the high, which is a perfect long entry even for the pessimistic coin traders.
My strategy is simple: Start buying these support zones. Fail to hold? Stop out and look for the next support. Fail to hold? Stop, retry at the next one.
Start buying aggressively around 8800-9100 range. Fail to hold? Do not stop out, wait for 7K range. Start to buy aggressively. Even 7K fails to hold? Stop partially, try your luck at the next potential support.
I am a long term investor on crypto and bullish one indeed, so I accept these sell-offs as a healthy price correction. I believe we see another big rally at the end of this year. And my main motivation is increasing my coins until then. I did sell most of my coins at this rally but still holding 20% and will hold them no matter what.
We have a double top on weekly RSI, plus hell of a divergence. (Such divergences are almost everywhere, including this daily graph)
11.280 was short term pivot, while 10.600 is midterm pivot that could trigger the main sell-off if we lose it.
Losing 10.600 could potentially open doors for low 7K prices, but I believe 8800-9100 range could hold the door (hodor!) and save BTC from a massive collapse.
My worst case scenario is this: If we lose 10.600, fast sell-off will begin to 9800 area and if it fails to hold (i think it will fail because we have a very clear H&S formation that wants 8300 or so) then to 8800 range. If it also fails, I believe the worst case scenario will be 7400-7000 range at most. Weekly EMA's will attract the price towards themselves and don't let the price fall to the abyss. Daily 200 EMA will also defend 7K range. Additionally, do you see that white tick line? That trend line began from 12 Jan. 2015 and acted as massive support all the time. If prices go too far away, it attracted it back to itself. If prices collapsed below it, it attracted them back towards itself. So it will not let the prices go too deep down, because it is too intolerant to such violations especially when the prices penetrate itself towards the downside.
I also expect until that date (until we see 8000 prices) most indicators would hit their bottom and get ready to give buy signals if they will have not already.
Finally, 7230 will be 38.2% fibo retracement from the high, which is a perfect long entry even for the pessimistic coin traders.
My strategy is simple: Start buying these support zones. Fail to hold? Stop out and look for the next support. Fail to hold? Stop, retry at the next one.
Start buying aggressively around 8800-9100 range. Fail to hold? Do not stop out, wait for 7K range. Start to buy aggressively. Even 7K fails to hold? Stop partially, try your luck at the next potential support.
I am a long term investor on crypto and bullish one indeed, so I accept these sell-offs as a healthy price correction. I believe we see another big rally at the end of this year. And my main motivation is increasing my coins until then. I did sell most of my coins at this rally but still holding 20% and will hold them no matter what.
