In our earlier update on the 12/04 we stated that BTC will fail to break our downtrend line (in pink). We also stated if this happened (which it did) that our next obstacle would be the huge wall of resistance at 8.2k. Exactly, this occured and we pulled down significantly from this level.
Now its time to move on, that is the past.
Where are we now Cryptofelix and where do you see us going (is what you're probably asking yourself ;)?
I see price bouncing back to the 8k region once again to test the resistance at 8.2k and had stated as we declined as low as 7.8k that we will see support at around 7750$... what happened a reversal from this point (this was stated on our telegram). The first obstacle up is the Black downtrend line coming down from 8.9k, which has consistently acted as a resistance line at around the 8.1k level. However, i feel like things wont end there and we will spike up to as high as 8.2k again. RSI also supports this as the current area which RSI lies at the moment has been used as a support many times before and has often caused one final push upwards before every other crash down. A rejection from the 8.2k level once again will probably lead to a decline easily to 7.6k if not lower. However, for a break upwards to occur we must surpass the 8.2k resistance, then maybe we will have a chance at 9k again. How can we surpass the 8.2k resistance ? We need BTC to make use of this ascending trendline which has acted as support since the 5k range.
Never the less, i see BTC going down from this point and we can only find support once again at 7.5-6k. MacD is also suggesting that we are at the top of this move and a wedging out formation is forming on RSI too = all supporting my theory that price will either form some form of wedge and break upwards or downwards of the key levels stated. A bad scenario for BTC at this point is outlined by the B stage where 7.5k is broken and we fall to pieces all the way down to 6.9k again.
I dont try to predict too much into the future because i am no prophet, i can only follow what my indicators are telling me at any given time. Dont forget to follow our telegram channel down below! - our number one source of information, we will start posting more once we reach 200 subscribers, the quicker the better for you guts - utilise us!
Thereafter, Don't forget to follow us on tradingview, you dont want to miss an update.
Now its time to move on, that is the past.
Where are we now Cryptofelix and where do you see us going (is what you're probably asking yourself ;)?
I see price bouncing back to the 8k region once again to test the resistance at 8.2k and had stated as we declined as low as 7.8k that we will see support at around 7750$... what happened a reversal from this point (this was stated on our telegram). The first obstacle up is the Black downtrend line coming down from 8.9k, which has consistently acted as a resistance line at around the 8.1k level. However, i feel like things wont end there and we will spike up to as high as 8.2k again. RSI also supports this as the current area which RSI lies at the moment has been used as a support many times before and has often caused one final push upwards before every other crash down. A rejection from the 8.2k level once again will probably lead to a decline easily to 7.6k if not lower. However, for a break upwards to occur we must surpass the 8.2k resistance, then maybe we will have a chance at 9k again. How can we surpass the 8.2k resistance ? We need BTC to make use of this ascending trendline which has acted as support since the 5k range.
Never the less, i see BTC going down from this point and we can only find support once again at 7.5-6k. MacD is also suggesting that we are at the top of this move and a wedging out formation is forming on RSI too = all supporting my theory that price will either form some form of wedge and break upwards or downwards of the key levels stated. A bad scenario for BTC at this point is outlined by the B stage where 7.5k is broken and we fall to pieces all the way down to 6.9k again.
I dont try to predict too much into the future because i am no prophet, i can only follow what my indicators are telling me at any given time. Dont forget to follow our telegram channel down below! - our number one source of information, we will start posting more once we reach 200 subscribers, the quicker the better for you guts - utilise us!
Thereafter, Don't forget to follow us on tradingview, you dont want to miss an update.