Trend Analysis:
After a sharp drop to $9,400 we are seeing a steady upward trend being established. It is starting to crawl towards the next resistance of ~$9,800 but the way this trend is panning out, it may just be a bear flag instead of an upward trend. If the price can break through the resistance 1, then we could see a pop above $10,000. There is some heavy resistance at $9,800 so expect the price to test the resistance level a couple of times before it makes a serious move in either direction. All indicators are showing it may once again dip.
The trend is starting to lose momentum as shown with the RSI, and if this is indeed a bear flag, we could see the price hit the support level of ~$9,100.
Technical notes:
The RSI is showing a loss momentum and this could mean a reversal to the support. The EMA (20) is currently resting at the price of BTC and we could be in for a bearish crossover in the coming days.
Conclusion:
If the price breaks below the current trend line, get ready for a fall to the support. If the price reaches the resistance 1, and pops above, we may be clear to pass $10,000 again. There is some heavy resistance at $
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After a sharp drop to $9,400 we are seeing a steady upward trend being established. It is starting to crawl towards the next resistance of ~$9,800 but the way this trend is panning out, it may just be a bear flag instead of an upward trend. If the price can break through the resistance 1, then we could see a pop above $10,000. There is some heavy resistance at $9,800 so expect the price to test the resistance level a couple of times before it makes a serious move in either direction. All indicators are showing it may once again dip.
The trend is starting to lose momentum as shown with the RSI, and if this is indeed a bear flag, we could see the price hit the support level of ~$9,100.
Technical notes:
The RSI is showing a loss momentum and this could mean a reversal to the support. The EMA (20) is currently resting at the price of BTC and we could be in for a bearish crossover in the coming days.
Conclusion:
If the price breaks below the current trend line, get ready for a fall to the support. If the price reaches the resistance 1, and pops above, we may be clear to pass $10,000 again. There is some heavy resistance at $
Follow me on Twitter for more TA!
Happy trading!
