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$BTC - from 9k to 6k

By imkeshav
Updated
  • The 9k support which held for 3 months shattered, it will now act as resistance (red bar)
  • We lost support from 21 weekly MA + 200DMA, next support is 50 MA
  • Weekly RSI dropped below 50 after 6 months, should drop to 30


The next support area (green box) has confluence of
- 50 WMA
- 50% Fib (of 3k to 14k move)
- Horizontal support in 2018

There should be a relief (temp) bounce on the way down

We been tracking this chart when we called the top in July, check it out
$BTC - 6 months of green, time for a red candle?
Note
The Fib support held (green arrows) for 4 weeks, but should weaken Another retest of this support may fail. Note how RSI retested the 50 line and got rejected (red arrow)

Bearish bias remains unchanged

snapshot
Note
We lost the support, but it turned out to be a fakeout (wick) and we had a huge push up above the red resistance, which is now blue

However, the 21WMA (black) acted as resistance and pushed price below support line (9k-8.9k), this is not a good sign. Also the RSI is now falling and likely will go below 50

My bias is bearish

snapshot
Note
Bearish bias was accurate, we almost dropped to the support line and within $100 of our target. Doesn't look great

RSI is firmly below 50

snapshot
Note
Two months from the initial idea, we hit our target green zone today. Love TA

Let me know if this has helped
snapshot
Chart PatternsTechnical IndicatorsTrend Analysis
imkeshav
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