After Strong Move BTC Hitting Resistance at 8Kish

Updated

Because of strong move without correction I'm expecting one at these levels, where we would at least retest 7kish levels...then I think we are ready to go higher. Of course any positive news would make it explode and we may have a correction later.

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Inverting the BTCUSD charts gives an an interesting view...seems like the price here broke the resistance down, which I think it's a bullish signal for BTC:

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Another interesting thing I found on weekly chart is that Ichimoku just started turning bearish so if we get a twist there that would be another bullish signal. According to cloud, our upside target is around 10k, which is also a psychological resistance, so I expect bounce there..

Gambit trading suite indicator is also starting to indicate bullish signal, since last candle is becoming green after a few months.

Staying cautious and looking where BTC will bounce on down side.

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We got a bounce from resistance. 8080$ was holding the first drop, but that resistance just got broken (could be due to negative ETF news).

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BTC still looking to find a support after hitting resistance.
I see it at:
-7500$ - bullish pennant (already broken to downside once and later acted as resistance),
-7000$ - 0,236 fib line
-6000$ - bottom line of falling wedge

Let's see if they can hold the bears.

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7500 seems to be holding the price well for now.

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7k$ level hit. I think we have a better chance of reversal here...

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We've almost hit 6k support. BTC seems to have some bulls at these levels, lets see if they can win over bears.

Watching closely, since it could be a good buying opportunity if this is the bottom for this years bear...still staying cautious since it could also break down and extend this bear market.

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And we got the final target/support hit at 6k$. Stay careful here, since if we don't bounce here with volume price could drop much lower, so stay careful. Upside targets are 7k and and 7800.

Gambit trading indicator on weekly also turned bearish and the only supports it predicts are both moving averages at around 4k$ (all other indicators are above the price) +there is also a fib line at 3k$ which I think will both act as resistance if the price drops.

Inverted chart also looks a bit scary...after breaking down we are back at resistance. Ready to brake it?:

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Gambit trading indicator on weekly:

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Bounce around 6k as expected (or at least hoped for) and I think we are headed towards 7500ish where we'll see which direction is next.

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And we are almost back to resistance at 7500$. Things may get interesting.

Tadej

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