Following three dead cat bounces on the hourly theres just not enough volume for a proper reversal yet back to 8000 outside the two abnormal sell and buy spikes which I can assume is from trading bots hitting limits. Will continue holding out the market until I see a potential rally IF it climbs back to at least the 7800 critical support.
On the daily chart it...
Major support at the 8000 and 7800 level has fallen, the price has now dropped below the 50MA and we could see it fall to the next level of support at 6800 before a reccovery. Short term analysis remains bearish as Bitcoin still remains the market index, alt season may have to wait.
Once again we are retesting the 9300 resistance point, super positive news considering we held the 9000 level but if volume doesn't blow past the 9300 resistance we could see a parabolic drop lower than prior drops possibly below the 6300 level. However if we can break past this level of resistance then that would signal a very positive recovery signal and could...
