Bitcoin has finally broken through a $9k support level, due to such a heavy impulse breakthrough, this may suggest 2 possible outcomes:
1. It's just a retracement, market will resume bullish from $7k.
2. Price has also broken below the 200 EMA which may continue a bearish run to perhaps $5k & under.
The RSI is currently hovering in oversold conditions (not saying I follow the reliability of the indicator), ideally I would like to see bulls break through $10450 area before looking to go long.
1. It's just a retracement, market will resume bullish from $7k.
2. Price has also broken below the 200 EMA which may continue a bearish run to perhaps $5k & under.
The RSI is currently hovering in oversold conditions (not saying I follow the reliability of the indicator), ideally I would like to see bulls break through $10450 area before looking to go long.
Comment:
So far BTC is in line with the first point, pushing down to the $7k mark.