Gentlemen, friends, traders, hodlers. I have been anticipating a fall from this area for quite some time and some of my previous analysis have gotten that right on the money. See below for past analysis. We have been bouncing off this 9.3-9.5k for a while and while I thought it was going to break last time, it rebounded again. While we might get another bounce to the upside. It seems a break down is just a matter of time. The descending triangle
pattern is more telling than anything. But what's more is we have a negative MACD
on the daily that is about to cross. We also have lagging RSI
that doesn't bode well either. Even on the weekly, MACD
has crossed to the downside and RSI
With this type of set up we can anticipate a healthy bounce off the 7-8k area for a bounce back up to the previous support that will be resistance.
Good luck trading, happy hodling.
Oh yeah, smash that like button.