The trendline is still holding.
RSI bounced from oversold area a trying to show some bullish trend.
The situation is more bearish know. Volumes low. It looks more like a dead cat bounce. But could be also a bear trap. Need to watch more the BTC behavior.
Loom behaved very strangely lately, even announcements have not stopped the dump. TA is showing NORTH - big divergence and falling wedge pattern , etc. BUT LOOM lives in him own world so i do not know what to say about its future. One option is that investors are selling their tokens, since a big bunch of LOOMs have been sold during last 48 hours. Fundamentally...
Trendline is showing exactly that BTC needs to visit 6800. We have divergence on 4h meaning we are out of gas and market shall reverse. Also divergence occurs during final wave. On the other hand market shall go the opposite way the majority is considering it shall go. Where we shall go next? right , nobody knows. We may assume that north or south. 50-50.)))))...
BTC is playing with the market. Graph is showing reversal signs. But if BTC shall dip lower ETC shall follow him. Maybe the coming news could confirm the reversal signs. Couple of days shall show the direction.
Divergence on 4h, meaning we should make a turn to North. Also divergence appears usually during last -5th wave, meaning we could start 3rd wave. Market is not determined where to go next. Both south and north scenario a valid.
The image shows pretty much we need to start 3rd wave. Divergence shows we are to reverse and it means we are in last correction wave.
Big news to come as well as BTC possible 3rd wave start mark road to north.
BUT , THIS IS CRYPTO AN I MAY BE WRONG.
BTC is playing with our minds. Very hard to determine future senario:
1. 7928 was our lowest point, finished 5th (ABCDE correction wave) and now we started the 1st step of the 3rd impulse wave.
2. 5th corrections wave has not finished yet and we shall visit lower level 7600-7800 depending on momentum and price action.
At this point i think we are 50-50...