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BTC failed to get above $8,600 and started a downward consolidation currently broadening. The RSI is on an uptrend coming from a bullish divergence seen at the recent lows. Price might continue along this path to the end of the structure, however could also break out early. The 0.618 area will be an important level to hold. In the current situation BTC is holding the 0.382 Fib level after coming down from a decent move to the upside. Upper targets of a break above the 100% retrace over $8,550 could reach $8,800-$9,000 and even higher if the conditions are right.
15 minute chart. Last night price fell to the measured move from a small symmetrical triangle. If price continues to follow this cycle down we could go as low as $7,885 before reversing. The RSI should be watched for a trend change, currently being held under by the down sloping resistance line drawn.
1H chart. Further downside to the 0.618 or even 0.786 is possible to play the descending structure to the climax. The RSI is also in a down trend at the moment. MACD could possibly be getting ready to shift back to positive.
4H chart. The MACD is reseting and should be watched for continuation up or a shift to negative.
1D chart. Price is struggling to get over the 200 EMA wit the 13 in the process of crossing below it.
1W chart recent support at the 55 EMA also historically an area of support and resistance as marked here.
1M chart support at 13 EMA with range marked here from mid $7,000s to around $6,000
Leave a like and comment if you enjoy these updates!
BTC failed to get above $8,600 and started a downward consolidation currently broadening. The RSI is on an uptrend coming from a bullish divergence seen at the recent lows. Price might continue along this path to the end of the structure, however could also break out early. The 0.618 area will be an important level to hold. In the current situation BTC is holding the 0.382 Fib level after coming down from a decent move to the upside. Upper targets of a break above the 100% retrace over $8,550 could reach $8,800-$9,000 and even higher if the conditions are right.
15 minute chart. Last night price fell to the measured move from a small symmetrical triangle. If price continues to follow this cycle down we could go as low as $7,885 before reversing. The RSI should be watched for a trend change, currently being held under by the down sloping resistance line drawn.
1H chart. Further downside to the 0.618 or even 0.786 is possible to play the descending structure to the climax. The RSI is also in a down trend at the moment. MACD could possibly be getting ready to shift back to positive.
4H chart. The MACD is reseting and should be watched for continuation up or a shift to negative.
1D chart. Price is struggling to get over the 200 EMA wit the 13 in the process of crossing below it.
1W chart recent support at the 55 EMA also historically an area of support and resistance as marked here.
1M chart support at 13 EMA with range marked here from mid $7,000s to around $6,000
Early break for BTC. Volume and follow through is needed here for further upside.