BTC bounce to 10k?
Updated
Currently the chart shows a bullish candle with very little trend strength.
The daily chart tells us the past 24 hours have been in a weak downtrend. If that continues
I expect to see bearish candles down to 8.9k. This would be confirmed if the stochastic RSI bounces off the 60 point resistance level.
The current ascending channel has been well respected the past week by price and this is reinforced by Fibonacci levels as well as psychological support.
Prior to the dramatic price increase witnessed on 4/12/18 there was a sharp Chikou up cross on price on 4/7/18. Another upcross took place on 4/21/18.
If the price continues down to ~8.9k that would plot the Chikou on a trajectory to down cross the candles from 4/23/18 meaning if the volume begins to pick up as the weekend ends and buying pressure increases this would drive the Chikou back through the price in an upwards direction and would help support a bounce to 10k sometime after the weekend.
The daily chart tells us the past 24 hours have been in a weak downtrend. If that continues
I expect to see bearish candles down to 8.9k. This would be confirmed if the stochastic RSI bounces off the 60 point resistance level.
The current ascending channel has been well respected the past week by price and this is reinforced by Fibonacci levels as well as psychological support.
Prior to the dramatic price increase witnessed on 4/12/18 there was a sharp Chikou up cross on price on 4/7/18. Another upcross took place on 4/21/18.
If the price continues down to ~8.9k that would plot the Chikou on a trajectory to down cross the candles from 4/23/18 meaning if the volume begins to pick up as the weekend ends and buying pressure increases this would drive the Chikou back through the price in an upwards direction and would help support a bounce to 10k sometime after the weekend.
Note
Price followed trajectory until the plotted resistance at green parallel to where the price began ranging. Currently, the price is resting on top of the Kumo and psychological support.
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