BTCUSD in rebound, but closing on major resistance!
Updated
BTCUSD had a nice rebound, close to $7000 mark, just above previous low and its now bouncing back to descending trendline (RED). It’s still a bearish trend pattern. I market possible scenarios and important levels to watch out.
In blue square I market two very important levels. One is just under $11.800 (BLUE square), it’s the last higher high, before lower low $6000 (BLUE square). These are important levels to watch when guessing if we have seen a reversal. BTCUSD tried to break over $11.800 twice and failed (on 20.2 $11.750 and on 3.5 $11.600). I think this will be a crucial resistance to watch. The second is for sure lower low at $6000, which I market back in 30 DEC 2017 in my post – stating we are witnessing a bubble burst. It’s the last red weekly candle. A break below that would take BTC possible down to $2000.
As of this moment, we are in “dead cat bounce” pattern – seen many times on financial markets, we just passed $9000 mark and are closing on first resistance. I marked possible retracement (YELLOW square). If BTC manages to break from descending trendline, the nest resistance in $11.800 – BLUE, the last higher high. But the less optimistic scenario is a failed attempt to break higher and test of lower low at $6000.
In blue square I market two very important levels. One is just under $11.800 (BLUE square), it’s the last higher high, before lower low $6000 (BLUE square). These are important levels to watch when guessing if we have seen a reversal. BTCUSD tried to break over $11.800 twice and failed (on 20.2 $11.750 and on 3.5 $11.600). I think this will be a crucial resistance to watch. The second is for sure lower low at $6000, which I market back in 30 DEC 2017 in my post – stating we are witnessing a bubble burst. It’s the last red weekly candle. A break below that would take BTC possible down to $2000.
As of this moment, we are in “dead cat bounce” pattern – seen many times on financial markets, we just passed $9000 mark and are closing on first resistance. I marked possible retracement (YELLOW square). If BTC manages to break from descending trendline, the nest resistance in $11.800 – BLUE, the last higher high. But the less optimistic scenario is a failed attempt to break higher and test of lower low at $6000.
Note
BTC going again on 6k, but due to mass selling it could find bottom even lower (supports market in yellow)
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