BTCUSD (1H) - intraday bearish bias
Sentiment has been gradually turning around and the latest rally established solid support near 7750 and 8100. We expect a recovery to above 9000 in the next few days. However, the short-term price action has shown signs of over-extension. The RSI is coming back from the over-bought domain, and the price is likely to drop further to meet bids near key support levels. Both the trend line and the 38.2% (8350) Fibonacci retracement could see firm buying interests laying around.
Key support: 8350/8150
Key resistance: 8700
Sentiment has been gradually turning around and the latest rally established solid support near 7750 and 8100. We expect a recovery to above 9000 in the next few days. However, the short-term price action has shown signs of over-extension. The RSI is coming back from the over-bought domain, and the price is likely to drop further to meet bids near key support levels. Both the trend line and the 38.2% (8350) Fibonacci retracement could see firm buying interests laying around.
Key support: 8350/8150
Key resistance: 8700
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.
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.