It's hard to say what price will do... No one can say what's going to happen next for BTC. Chart says we should be going up but it looks like demand hasn't enough power to break through the supply. RSI is also stuck in a pennant which will cause a break soon (up or down) which will most likely be the way we go. Stoch RSI ready to go up. For now the ascending trend line has been a support for the last three days but we may see a breakdown though. Unfortunatly, if this happens I'm afraid we will see more downside. The channel EQ + hourly resitance which turns into support (arrow) might give support and bottom (green box) may serve as last support. It may bounce of other things such as (E)MA's or clouds etc. But could just fall through it. I'd suggest not entering a position right now as it is 50/50 at this point. Wait for confirmation above 12K and or below 11.6K
Volume is dropping but this just may be the silence before the storm.
I'm not a financial advisor so DYOR
Volume is dropping but this just may be the silence before the storm.
I'm not a financial advisor so DYOR
Comment:
Trading now at the EQ of this downward channel. Could turn up as a support line but I think we'll fall down eventually becausing breaking bearish on a pennant doesn't look that good to me.