BTC has had a nice few jumps from around the 6200 level all the way up to the 7100 level. Stoch RSI on the Daily suggests we are immensely overbought at the moment. 1 hour and 4 hour RSI are also showing overbought. However, the Daily RSI is around 60, so it isn't quite into the overbought territory. Risk/Reward at this stage is far too skewed on the side of Risk. I will be looking for BTC to retest some of the supports listed in the chart. We are still in a downtrend, so "bear" that in mind. 7150-7200 remains a strong resistance area, as we saw previously in early August. I think 7400-7500 is still in the cards before a possible retest of that 5800-6000 level.
6870 seems to me the most logical place for a bounce. We've seen it as a support zone back in early August, and it lines up pretty nicely with our sideways support (yellow line.)
6760 might also be a good area of support. It was the top of a previous ascending triangle pattern, and we may see it turn to a support zone (since prior resistance becomes support in some cases.)
6600 might also be another area of support, as for it was also an area of resistance when BTC was in a channel between 6200 and 6600 back in early/mid August.
6200 has proven time and time again to be a strong area of support throughout this bear market cycle.
6000 is a psychological support along with having precedent as a strong support area.
5800 is long-term trend line support. We are yet to go too far below 5800 throughout this 2018 bear market.
-This is not financial advice or financial recommendations. Do your own research and make your own conclusions before buying. This is merely my opinion.
6870 seems to me the most logical place for a bounce. We've seen it as a support zone back in early August, and it lines up pretty nicely with our sideways support (yellow line.)
6760 might also be a good area of support. It was the top of a previous ascending triangle pattern, and we may see it turn to a support zone (since prior resistance becomes support in some cases.)
6600 might also be another area of support, as for it was also an area of resistance when BTC was in a channel between 6200 and 6600 back in early/mid August.
6200 has proven time and time again to be a strong area of support throughout this bear market cycle.
6000 is a psychological support along with having precedent as a strong support area.
5800 is long-term trend line support. We are yet to go too far below 5800 throughout this 2018 bear market.
-This is not financial advice or financial recommendations. Do your own research and make your own conclusions before buying. This is merely my opinion.