BTC is still being contained by this channel down from ATHs. The rejection on the previous daily candle around $11k is concerning for longs. The inverted hammer candle that formed and closing near the daily lows is also concerning for longs. Also, Stoch RSI is turning down. On the positive side, price is still over 10k and the 8 day moving average. The inverted head and shoulders is still intact and valid. It’s tough to put on a new trade here around 10.3. A dip to 10k or lower seems better or a confirmed breakout. Until then, I’ll just watch.
Wow. Feels like it’s been awhile since we had a $1000 daily candle in BTC. Nearly two whole weeks! Price has poked above the 8 day here with Stoch RSI sooo close to turning positive, but we’re still in the same range of ~9500-10500. I see little reason to do anything of size until this range is broken. If we get moving above 10,500 then we have a few levels to the upside:
Downside support remains at: