BTC Testing crucial support around $9600

Updated

Looking at the previous support levels and breakouts that were around $9600, you can see that we have tested this area a couple times before. If we remain above here, I believe alts will continue toward a higher trajectory, if we break below this level, then I expect us to test the previous support level that was around $8,263 which I suspect will also pull alts down. Good luck friends.

Note

Now we wait for the close, which will provide us a stronger indicator of what direction we are likely to go.

Trade closed: target reached

Looks like we bounced off of $8,166 (~$100 from original target). RSI on the daily also went below 30, similar to previous massive corrections, further indicating that we are coming off the low. The bounce is not as strong as I've observed after reaching previous bottoms, for now we observe. If we go lower, ~$7,500 becomes the new support we will test.

joaquinb

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.