Going into the weekend I'm feeling bearish on Bitcoin . On the daily chart there is a lot of selling pressure trying to drive the price down. Nearby significant areas of support/resistance on 1hr - 2hr timeframe ( ± 25 BTC ):
9,350 BTC
9,250 BTC
9,200 BTC
9,100 BTC
While the price isn't consistently setting new lows, it's definitely not setting new highs. 20 EMA and 144 WMA are currently acting as resistance. If the price closes above the 20 EMA (~9.2k currently) we could see a change in sentiment, but as of now I believe that we are in a short - mid term downtrend.
We just tested and rejected 9.2k which leads me to believe that we will now try and test 9.1k & 9.2k.
It will drop to 8k easily ...
Thanks for sharing your idea.