Hi friends,
We finally broke out from rising wedge with a nice volume. It is likely that we are continuing the retracement to the 8600-8400 zone.
100MA on the 4H chart showed resistance as expected. If we retrace back to the 8600-8400 zone and find support than the next impulsive wave's target level is 10k. The 9.5k level could show some resistance but should be violated.
4H RSI is overbought.
4H Stoch RSI crossed.
The screenshot below shows that the on the daily chart the 200MA also showed resistance.
Shooting star doji is also being formed.
In summary, everything indicates a short term reversal.
If we reach the the 8600-8400 zone and it cannot hold then we likely on the way to 6k.
***It is not a financial advise. I am not telling anyone to buy or sell bitcoin!***
If you found it helpful leave please leave a like or if you have any question leave a comment below!:)
We finally broke out from rising wedge with a nice volume. It is likely that we are continuing the retracement to the 8600-8400 zone.
100MA on the 4H chart showed resistance as expected. If we retrace back to the 8600-8400 zone and find support than the next impulsive wave's target level is 10k. The 9.5k level could show some resistance but should be violated.
4H RSI is overbought.
4H Stoch RSI crossed.
The screenshot below shows that the on the daily chart the 200MA also showed resistance.
Shooting star doji is also being formed.
In summary, everything indicates a short term reversal.
If we reach the the 8600-8400 zone and it cannot hold then we likely on the way to 6k.
***It is not a financial advise. I am not telling anyone to buy or sell bitcoin!***
If you found it helpful leave please leave a like or if you have any question leave a comment below!:)
Comment:
Target level reached, will update soon.
Comment:
Next target is 8k. We are moving down.