We've hit daily support at the breakout zone in a very oversold market. If we see more bear action, it most likely won't be until later. I've outlined important daily support and resistance levels on the chart, and the next stop appears to be a retest of $252 where the market broke to the downside with huge red candles on very little volume compared to the recent bull run.
Also of note is the lunar action. During the last full moon, we saw the market hit support at $255 and try to rally but fail. During the most recent new moon, the price was just breaking out to the upside, which is significant since the new moon is normally a bearish signal. We eventually got our retrace on low volume and now look to make another move to at least retest the breakdown level. When we get there, we should be at a full moon, so you can look for that as a timing indicator for a future move.
Also of note is that we are no longer in uncharted territory as we finally have some daily points of support and resistance to look at from the recent past.
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Also of note is the lunar action. During the last full moon, we saw the market hit support at $255 and try to rally but fail. During the most recent new moon, the price was just breaking out to the upside, which is significant since the new moon is normally a bearish signal. We eventually got our retrace on low volume and now look to make another move to at least retest the breakdown level. When we get there, we should be at a full moon, so you can look for that as a timing indicator for a future move.
Also of note is that we are no longer in uncharted territory as we finally have some daily points of support and resistance to look at from the recent past.
BTC Donations:
1AAqUxpRiXSYhyFfSTjv6rDY5dQ8CD2KJE
Thanks!
