BTC broke bearish out of the pennant.
A macro view of where we may be heading.
I expect a test of 30k but will likely fail to hold. Once it breaks expect a rapid drop as there are going to be lots of stop losses executing sells when it does.
A move near 25k would be next. There's an old zone of support at 25.7k but really not much else until 21k and then 17.5k would be the final target.
We could see another consolidation period before ultimately moving down to 17.5k.
Plenty of support in the 17k area so I don't think it will be easy to break, at least not initially.
Looking at the RSI there's a pretty clear line of resistance. A drop below 20 would be a strong buy signal IMO.
I expect a test of 30k but will likely fail to hold. Once it breaks expect a rapid drop as there are going to be lots of stop losses executing sells when it does.
A move near 25k would be next. There's an old zone of support at 25.7k but really not much else until 21k and then 17.5k would be the final target.
We could see another consolidation period before ultimately moving down to 17.5k.
Plenty of support in the 17k area so I don't think it will be easy to break, at least not initially.
Looking at the RSI there's a pretty clear line of resistance. A drop below 20 would be a strong buy signal IMO.
Comment:
Just wanted to make clear, RSI below 20 on the DAILY chart. It is not the same on the intraday charts.
