The last turn up for bulls, or 6000

As expected: bitcoin found a short-term support around 2 lines at 7300-7400 (pitch fan at 6400 and daily SMA365), while the indicators StochRSI, Williams, CCI indicated a small jump not higher than 7500-7600, and eventually dropping down to 6900 - so far we are moving on this scenario. Bulls were expecting a sharp turn up near the current 7300-7400 - but the resistance of the weekly SMA50/EMA50 (which at the last drop was quickly broken down) did not allow bitcoin to go higher.

At the moment, bitcoin has returned to 7300-7400, so bears will try to break down this point - and drag it down to 6900-7000 (pitch fan at 6000). As I wrote earlier, this point may be the last for a turn in favor of bulls.
In general and in worst case scenario, we can see bitcoin very low at 5500 (weekly EMA100).

For the last days 5H and daily TI continue to be in the "sell" zone, while the StochRSI and Williams indicators are in the "oversold" field - so you can expect to re-test the 7650 mark (not higher than the projection from M/BB). In general, the indicators signal a crucial downward movement to 6900-7150: RSI=33, Stoch=40, MACD=-220, DMI=44, etc.

Given the combination of factors, I assume that bitcoin can again test the mark of 7650 (low probability) and then continue falling down to 6900-7150 (high probability).

Take care of your BTC, USD and health!
Dont forget to like my analysis!
Thanks!

Comment:

Bitcoin continues to be between the support line 7300-7400 (pitch fan from 6400 and daily SMA365) and the resistance line weekly SMA50/EMA50. At the same time, on the 15M chart, a figure of "wedge" was formed - which means that there could be a breakout up or down. Moreover, considering that on weekends, manipulation is much easier - it is more difficult to give a clear answer, but still try to build it on TA.

5H TI continue to be in the "sell" zone, while Williams, CCI indicators have moved from the "oversold" field to the "sell" field, and the StochRSI indicator has even entered the "overbought" field - so you can expect a drop down to 7250

Daily TI continue to be in the "sell" field, and the StochRSI and Williams indicators are in the "oversold" field - so you can expect a jump to 7550-7600 (no higher than M/BB). In general, the indicators signal a dense downward movement to 6900: RSI=34, Stoch=30, MACD=-260, DMI=44, etc.

Given the combination of TA factors, I assume that the most likely scenario is the following: bitcoin can jump up to 7550-7600 (M/BB) and then continue to fall to 6900 (pitch fan from 6000).

On the other hand, taking into account the easy manipulations at the weekend - there is an option that I also draw your attention to: bitcoin can rise above M/BB and weekly SMA50/EMA50 - which will create the illusion of a breakthrough and many will open long positions - it is unlikely bitcoin will rise higher than 7900 (daily SMA/EMA10). With the beginning of the working week, all this growth may fall back to 6900.

Take care of your BTC, USD and health!

Comment: