If we bounce here at 9100 we might have a potential head and shoulders in the making. If so, look out for a lower high compared to the head. So around 9700 9800 it should top out and start declining again. This is far fetched right now but still a possibility to keep an eye on.
Following the sentiment at the moment we have a good chance to go lower today and check the previous resistance at 8800-8900 which now should act as support.
When confirming this support there's also a higher chance we could climb higher than the previous top at 9900. But before 11k comes into play we need to break the giant triangle starting from end of January.
Talking about this giant triangle there is also a possibility BTC will check the bottom before continuing the upper trend. This bottom is around 6900-7000 but that would be very bad for crypto in general and if this happens it might take us a lot longer before we get confidence in the market again to reach new highs.
I'm leaning to a quick wick to 8900 and then rallying back up to test the previous high in a couple of days.
Following the sentiment at the moment we have a good chance to go lower today and check the previous resistance at 8800-8900 which now should act as support.
When confirming this support there's also a higher chance we could climb higher than the previous top at 9900. But before 11k comes into play we need to break the giant triangle starting from end of January.
Talking about this giant triangle there is also a possibility BTC will check the bottom before continuing the upper trend. This bottom is around 6900-7000 but that would be very bad for crypto in general and if this happens it might take us a lot longer before we get confidence in the market again to reach new highs.
I'm leaning to a quick wick to 8900 and then rallying back up to test the previous high in a couple of days.