BTCUSD at important support levels
Updated
We have now arrived at the 200d MA and the momentum indicators are quite oversold right now. We're now also at the bottom (actually a bit below) my downward trend channel and another Fibonacci support level is also close by. Also various known/famous Technical Analyst predicted a price target of $7500, which probably various people will use for getting back into BTCUSD.
So I wouldn't be surprised if we find support around these levels and (thus) get a rebound for a while/moment.
In my previous idea (which should be linked) I showed the inverse Cup & Handle formation, which saw a beautiful retest of it's neckline and I very much expect that it's price target of $5500 will be met.
So that leaves me to think that the rebound will be just another dead-cat-bounce. That I haven't noticed much (or anything) negativity wrt bitcoin (price) and people are still WAY too relaxed about it, makes me think we can go down (much) further.
Markets tend to bottom when sentiment is extremely negative and people start to panic and I still don't see that.
So I wouldn't be surprised if we find support around these levels and (thus) get a rebound for a while/moment.
In my previous idea (which should be linked) I showed the inverse Cup & Handle formation, which saw a beautiful retest of it's neckline and I very much expect that it's price target of $5500 will be met.
So that leaves me to think that the rebound will be just another dead-cat-bounce. That I haven't noticed much (or anything) negativity wrt bitcoin (price) and people are still WAY too relaxed about it, makes me think we can go down (much) further.
Markets tend to bottom when sentiment is extremely negative and people start to panic and I still don't see that.
Note
Just wanted to note that on shorter timeframes there have now been some major bullish reversal candles and I really like the high volume it happened under.Also, on both the MACD and RSI there was a higher low, while the price made a lower low, a bullish divergence.
So it may be more then just a dead-cat-bounce, but still expect major resistance around the $10000 to $11500 price range.
Related publications
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.