The weekly candle was not met and didn't close above 10833, instead it closed below it. Right now we are having some fomo on upside but all the indicators are still pointing down to test new lows. We reached on this last dip 10500s and I believe we will continue to follow the pattern until hit a bottom since our largest high 13800.
Don't be fooled by low volume and temporary to the upside, look at the chart, this is what happens with each small up, pushing more lows to the downside breaking the trend line.
I'm typically bullish but this looking very bearish for now as the Whales are snoozing for a nice entry point.
@DACapitalTrading, Thank you! Looks like we are about hit a bottom here soon in the 2nd buy zone.. We may consolidate 9800s to 10200 zone.
trademaster1969
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trademaster1969
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Sorry guys this was a 1 hour chart.
Here is some more TA from Sally HO... exactly what I am thinking -- Get ready to load up your wallets.. or happy Shorting!
Bitcoin bears are eyeing some important technical levels to the downside. The 10,700 and 10,637 levels represent downside price extension objectives related to the recent relative high of 12,200 and Stops are likely in place below these areas. Bids could intensify around the 10,267 area and if the market continues to consolidate below the psychologically-important 10,000 figure, chartists are eyeing the 9,671 level as potential technical Support. Above current market activity, the 12,505/ 12,700/ 13,026 areas representing some upside price targets.
Price activity is nearest the 50-bar MA (4-hourly) at 11,561.46 and the 200-bar MA (Hourly) at 11,530.02.
Technical Support is expected around 10,234.22/ 10,087.62/ 9765.93 with Stops expected below.
Technical Resistance is expected around 12,700.54/ 13,026.29/ 13,488.49 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.