BTC Correction
Updated
BTC has to make a decision here in the short term, the current pattern typically signals a continuation of the downward trend. Even though BTC has been ignoring most indicators, it is worth mentioning that the RSI (4hr) is overbought and losing steam and the MACD (4hr) is beginning a downward trend. In the short term I think we will see the price fall and bonce off the range of $11,300 - $11,800. If that doesn't hold then it will likely find additional support around $10,500. Beyond that is anyone's guess. Personally, I don't believe BTC will drop back to 7k or even 9K.
Note
Pattern confirmed, BTC broke below the $11,300 support and current making new lows
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.