Good morning guys. Still on vacation here so can't do analysis a whole lot. Got to take a quick peak at the market. Downtrend still continues. As we mentioned that the top was $8500 and my prediction for the next bottom is ~$5500. If you want to know why, please watch my previous videos.
The candle strength of a bounce at this point looks very weak and incapable of a strong bounce. We are hovering right on that 50 MA like we did back in May. I've created a similar fractal from May for today's price movements in August. Back in May we stayed on the 50 MA for support for 4-5 days then broke down and went from $10k to $5.7k. We may be repeating a similar movement. Look for the $6800 level (neck line of old inverse h&s) to be the next support. The RSI movement is also eerily similar to that of May.
Thanks for watching and hope y'all enjoyed my brief analyses.
The candle strength of a bounce at this point looks very weak and incapable of a strong bounce. We are hovering right on that 50 MA like we did back in May. I've created a similar fractal from May for today's price movements in August. Back in May we stayed on the 50 MA for support for 4-5 days then broke down and went from $10k to $5.7k. We may be repeating a similar movement. Look for the $6800 level (neck line of old inverse h&s) to be the next support. The RSI movement is also eerily similar to that of May.
Thanks for watching and hope y'all enjoyed my brief analyses.
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