BTC dropped quite hard but is that a good thing or bad thing...? Time to make the balance.
After a time of low volitality and low volume we gained some volume on last drop and thereby got back some volitality, but is the direction we're really heading... down??
Fact-time:
- Allthough the charts looks terrible we do have some mixed signs and we're entering a stronger supportzone. From 6600 all the way down to 6K we will need massive selling action to break below that. On previous touch of 6K (bottom at the 6th of feb. 2018) was almost 4 times higher than it is at this point.
- Daily MACD is making higher waves than on last 2 ''bottoms' (6 and 6.5k) which is bullish. - Daily RSI gives a bullish divergence comparing the 10th of June and 28th of may. Which is bullish - Daily RSI is at 30 which is quite low, obviously it has more room to drop but so far so good... - Daily Stoch just started to fall which means it has more room to fall, bearish. BUT this could turn instandly and is laggy.. - 4H RSI is quite bottomed and currently at 25 which should lead to at least a short term up movement to lets say 6900.
Personally I wouldn't be surprised if we bounce away from here and it turned out to be a fakeout, as well as dropping an extra few hundred dollars, the drop was so brutal and RSI on lower TF are Climbing atm but price isn't..
Breaking 6K would be really hard where is massive support and infinite hidden buy orders.
Stay safe, in the long term I'm quite confident we will see a big rise again, where others say we need at least 1 year to resolve... I don't believe that, like an ETF could spark it up!
Non financial advise, Always follow your own charts and plans!