BTC has cracked the pennant to re-test the 30k level. After a sustain assault on that support line the bulls could no longer hold the level and today we cracked.
As indicated in my previous BTC idea, with each re-test of that support the chances of it holding weakened as bears gathered momentum.
Now we find ourselves at the 30k support line. I expect at least a half decent bounce at this level before we go down another level. If that won't happen, then we're going to pick up speed on the way down as indicated by the volume which is increasing as we go lower (not good, bearish indicator).
4h indicators are as bearish as one can get, however on lower timeframes we are oversold, hence why I expect us to bounce a bit around this level.
Daily indicators tell us that we have room to fall lower and MACD histogram is picking up speed down. RSI is still not oversold either, hence... this train has more to go down.
There is one hope, the daily 50 Moving Average is just under 30k at 29.5k and it may save this fall. To be seen.
If not, next support is at 28k and 24k. I see 28k as very likely, however 24k will be defended hard. I suspect that is unlikely to be touched, maybe a wick.
Buyers will swarm BTC once it approached the previous ATH above 20k. That is a great buy area, even if unlikely.
Keep a close eye on 30k level as it will set the tone for the rest of the week.
Like and follow if you liked this idea!
As indicated in my previous BTC idea, with each re-test of that support the chances of it holding weakened as bears gathered momentum.
Now we find ourselves at the 30k support line. I expect at least a half decent bounce at this level before we go down another level. If that won't happen, then we're going to pick up speed on the way down as indicated by the volume which is increasing as we go lower (not good, bearish indicator).
4h indicators are as bearish as one can get, however on lower timeframes we are oversold, hence why I expect us to bounce a bit around this level.
Daily indicators tell us that we have room to fall lower and MACD histogram is picking up speed down. RSI is still not oversold either, hence... this train has more to go down.
There is one hope, the daily 50 Moving Average is just under 30k at 29.5k and it may save this fall. To be seen.
If not, next support is at 28k and 24k. I see 28k as very likely, however 24k will be defended hard. I suspect that is unlikely to be touched, maybe a wick.
Buyers will swarm BTC once it approached the previous ATH above 20k. That is a great buy area, even if unlikely.
Keep a close eye on 30k level as it will set the tone for the rest of the week.
Like and follow if you liked this idea!
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