Using the 1D chart, $BTC recently hit oversold territory on the slow wave trend oscillator and has since had a bullish cross. If current buying volume maintains, a likely price target is the Senkou A (green line of Cloud) resistance level of Ichimoku Cloud between $8200 - $8500.
After the initial bounce, if price cannot breakthrough the Cloud, then expect a resumption of the downtrend; especially if that coincides with wave trend oscillator reaching overbought territory.
If price closes above $7500 today, then the likely path is the upside $8000, $8200, and possibly $8500. If price closes beneath $7500, then price may meander within a tight range until an external catalyst (news - positive or negative) determines its next path. I consider the former more probable than the latter.
After the initial bounce, if price cannot breakthrough the Cloud, then expect a resumption of the downtrend; especially if that coincides with wave trend oscillator reaching overbought territory.
If price closes above $7500 today, then the likely path is the upside $8000, $8200, and possibly $8500. If price closes beneath $7500, then price may meander within a tight range until an external catalyst (news - positive or negative) determines its next path. I consider the former more probable than the latter.
Comentarios:
Given the buying volume, $8000 is still the most likely bounce "top out" level before a resumed downtrend. But, ~$8200 (Senkou B resistance level) is still in play. During the resumed downtrend, the price levels to watch are $7000, $6500, and $6000 (key support level).
