After experiencing this mornings pullback, Bitcoin could still fall into our value area around $6700 before making a move higher breaking past resistance.
This would coincide with the resetting of our Stochastic indicator and we could also see our MACD is starting to cross-over to the downside, which again highlights our bias for a move lower.
But we cannot rule out another test of liquidity above printing a lower high before making this move lower.
As always proceed with caution and wait for support and resistance levels to enter positions.
CryptoTerminal
Chris
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This would coincide with the resetting of our Stochastic indicator and we could also see our MACD is starting to cross-over to the downside, which again highlights our bias for a move lower.
But we cannot rule out another test of liquidity above printing a lower high before making this move lower.
As always proceed with caution and wait for support and resistance levels to enter positions.
CryptoTerminal
Chris
Please feel free to share and also follow us on TradingView
Comment:
As we can see, BTC is respecting the lower trendline of the wedge after that big spike up but volume doesn't seem to be following this move. Might have just been a short squeeze before continuation of the move lower into the supply zone.
For now, a 4H close could provide more insight on the next move for BTC.