The daily chart for BTC obviously doesn’t look much different than yesterday from a big picture point of view. We still have all the same negatives and positives in play. Zooming in the past few days though, things are looking a little better…a little. Still a mixed back though. Today’s candle is trying to put in a double bottom of sorts with this low about $100 above the 3/9 low. Stoch RSI still curling up here, but price is struggling with the 9300 level.
What a ride for the past few days! If anyone else is getting exhausted, you’re not alone. My general observation on BTC right now is, we have to wait and see what happens. Price action has given us a mixed bag of pros and cons and being in the low to mid 9k’s isn’t all that decisive in either direction. So here’s what I’m seeing for positives:
Hard bounce on strong volume from a strong support level at 8300
A higher low (8300 vs 6000)
Daily stoch rsi curling upwards on today’s candle
Yesterday’s reversal was a long one which got back above the previous candle’s low
Overall downtrend remains
Hard rejection at 12k led to ~30% drop
Price below 8/21/50 day MAs
Price back inside original down channel
Inverse head and shoulders invalidated
Over the past 6 weeks most of the big volume has been to the downside
Key areas remain: 6000, 7500, 8000, 8300, 9300, 10k-10.2k, 11.8k
BTC does not look good folks. I have to think we end up 8k and then if that doesn’t hold.. the trend support. Daily RSI at 37 btw…getting close to extremely oversold. In Feb, playing the bottom/bounce with alts paid extremely well in a short period of time. I’ll be keeping an eye on XLM XRP BTS DOGE if they start to really fall apart.
Obviously the shittiness intensified today. Price is now below 8, 21 and 50 day moving averages. Strong support at 10k-10.2k broken. We can reasonably expect this to now act as resistance. Downside support is at 4 main levels: 9300, 8700, 8000, 7500. If price breaks below 9300, the inverse head and shoulders dream is basically dead. I redrew the longer term trendline because, you know…just in case
Possible scenario for BTC should 9300 not hold up…