BTCUSD is in heavy correction mode, bears are running the show here, as expected. $8500 is a major target, I'm sure you see everyone posting that on their chart, as it is a major intersection of 3 things:
1. 200 day Moving Average
2. Lower trendline of negative channel
3. Horizontal support line from before the big rally.
However, I want to point out that I don't think this leg of the correction will end without a capitulated move just like the the other two. You see how deep the angle is and the fast snap back up? We need to see that on this move in order for me to be convinced that this level of support is solid ground.
Check out my other trades too. If my charts are helpful, and they result in profit for you, please like and follow my profile to catch all my trades.
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1. 200 day Moving Average
2. Lower trendline of negative channel
3. Horizontal support line from before the big rally.
However, I want to point out that I don't think this leg of the correction will end without a capitulated move just like the the other two. You see how deep the angle is and the fast snap back up? We need to see that on this move in order for me to be convinced that this level of support is solid ground.
Check out my other trades too. If my charts are helpful, and they result in profit for you, please like and follow my profile to catch all my trades.
Happy Trading!
Comment:
We broke through the 8.5k but were snapping back up. This may be the capitulation we needed to confirm the end of the dip.