Look at your indicators people, we are overbought on the RSI And MACD momentum is shifting down. Bancor hack just coincided with the drop in price. On the 4hour we are oversold on rsi so we should get a push up to the next 0.382 Fib level then a drop as daily sell pressure will continue.
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Note
We're sitting at previous support in june, and the 61.8 fib level. We are oversold on the lower time frames (30min-12hr) so we may push 2% higher from 6170 then break down again at least to the 6k level because btc RSI still has a way to go down on the daily time frame. Watch out for all top 20 alts to follow the general flow of BTC. after we get to 5700-6k level, we'll take it from there to see what happens next. OVERALL, bear trend continues, we still can't even call a floor at this point but it looks like at least as low as 5k and below. How this all plays out we can take step by step, but in general, btc volatility needs to die down for a while (1-3 months at least) before we transition into a bull market again. CHECK OUT ToneVays #tonevays for more info on btc, one of the only true experts in this field.
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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.