In the short range, I feel the price of BTC will continue to fall. You can see that once the last bull run up to ~13k happened, the volume was above the VolMA-20. There was a lot of support for the price moving up. RSI was trending up as well. Price kept closing well above EMA20.
Once the selloff began, you can see that the volume attempted to support it but the selloff was greater than the support. When the price stablized around 11600, after breaking support at 11976, the volume dipped, showing the lack of confidence in the BTC price and market. The low volume, plus a down trend marked by the green line, plus the price failing to go back above the EMA20, as well as breaking through the cloud, with addition to the RSI trending down, indicates a lot of bear signals in my opionon.
If the current 4h candle continues this trend, and we close below the 11159 support line, below the cloud, below EMA, below VolMA-20, and RSI keeps the down trend, I believe another short term bear trend will be in play. The support range can be gapped all the way to ~11000 and and if it breaks that mark, then I expect it to slowly decline all the way to ~10577 which is support (daily close) for July 1sts lowest dip since the obvious bull trend up to 13868 ended. There are older support lines but i believe new ones will be created since those are pretty aged by now.
Once the selloff began, you can see that the volume attempted to support it but the selloff was greater than the support. When the price stablized around 11600, after breaking support at 11976, the volume dipped, showing the lack of confidence in the BTC price and market. The low volume, plus a down trend marked by the green line, plus the price failing to go back above the EMA20, as well as breaking through the cloud, with addition to the RSI trending down, indicates a lot of bear signals in my opionon.
If the current 4h candle continues this trend, and we close below the 11159 support line, below the cloud, below EMA, below VolMA-20, and RSI keeps the down trend, I believe another short term bear trend will be in play. The support range can be gapped all the way to ~11000 and and if it breaks that mark, then I expect it to slowly decline all the way to ~10577 which is support (daily close) for July 1sts lowest dip since the obvious bull trend up to 13868 ended. There are older support lines but i believe new ones will be created since those are pretty aged by now.
Comment:
Volume is still low when a selloff isn't occuring. Prices still closing below EMA20. RSI stell a definite down trend.
I moved the trend line since the old trend line broke above, by a hair, and the new trend line even has support with 1 extra wick.
Added in some new support lines.
It appears we're testing a support range of 10.5~10.3 right now. I believe if we close blow 10337 on the 4h then we see another sell off.
Overall, I feel that it will continue the bear trend.
Volume is still low when a selloff isn't occuring. Prices still closing below EMA20. RSI stell a definite down trend.
I moved the trend line since the old trend line broke above, by a hair, and the new trend line even has support with 1 extra wick.
Added in some new support lines.
It appears we're testing a support range of 10.5~10.3 right now. I believe if we close blow 10337 on the 4h then we see another sell off.
Overall, I feel that it will continue the bear trend.
If volume continues to pick up, though, and we close about ~11350 on the 4h candle, then keep an eye on EMA20 and see if the next 4h candle close can close the gap on it.
The volume is hitting hard, and the price is trying to go up, but nothing has kicked the 4h trend line, EMA, or overall RSI downtrend, yet.