Hello Everyone!
I wanted to share this idea with you. As you can see in the chart, the 5750-6000 level has been a strong support for BTC since its all-time high. I have heard BTC to 4000! BTC to 3000! And the like, but remember we have not broken our greatest support level since the ATH, and we have bounced from levels higher than 5750-6000 many times. I don't think we are breaking this level anytime soon. Just keep this in mind and do not panic when you see analysis like that. Be ready for anything, but keep this information in mind. I personally don't think BTC is going lower than this level, but I guess only time will tell.
I see the 5750 - 6000 level as the bounce zone. When we get there, we will get another bounce. How high? I don't know. But what I can see from the daily chart here is that we will get down there.
The reasons I believe this is that we have down trending RSI, Stoch RSI, and a bearish crossover on the MACD on the daily chart. We could get a short-term bounce to 6600ish, but I don't think the price will get another leg up until we get back to the bounce zone.
I put this as neutral, because I think it is risky and a bit late to short.
This is an analysis for personal use, not financial advice, but I wanted to share this info with others.
Stay careful, mindful, and aware of changes in the market.
Best of luck people!
I wanted to share this idea with you. As you can see in the chart, the 5750-6000 level has been a strong support for BTC since its all-time high. I have heard BTC to 4000! BTC to 3000! And the like, but remember we have not broken our greatest support level since the ATH, and we have bounced from levels higher than 5750-6000 many times. I don't think we are breaking this level anytime soon. Just keep this in mind and do not panic when you see analysis like that. Be ready for anything, but keep this information in mind. I personally don't think BTC is going lower than this level, but I guess only time will tell.
I see the 5750 - 6000 level as the bounce zone. When we get there, we will get another bounce. How high? I don't know. But what I can see from the daily chart here is that we will get down there.
The reasons I believe this is that we have down trending RSI, Stoch RSI, and a bearish crossover on the MACD on the daily chart. We could get a short-term bounce to 6600ish, but I don't think the price will get another leg up until we get back to the bounce zone.
I put this as neutral, because I think it is risky and a bit late to short.
This is an analysis for personal use, not financial advice, but I wanted to share this info with others.
Stay careful, mindful, and aware of changes in the market.
Best of luck people!