BTC Testing 8200 - 7900, 7400 on deck - read up, it's a long one
BTC still somehow having problems crashing upward through 8900 USD - not sure what the issue is. Tons of good news from Consensus, tons of new applications from industry and maybe most importantly another major country (Australia) bans cash transaction over 10k. If ever there was a time when the spotlight was on BTC while news lent itself to new ways to use the value system, it would be now. Still, though, even with high volume as well, the results as far as price action have been pretty underwhelming.
Looks to me that the 8200 level everyone seems to think BTC is respecting isn't really that well respected at all. It's a much better resistance than support, and I suspect today or tomorrow we'll see 7900 as a strong support level instead - we saw violence there back in Feb 18, twice in March 18, and again in April 18, so I'd expect to see it once again here in May. The thing that makes me think that support won't hold, though, are the two candles on March 29 and April 12; no price finding, one day candles representing 8-10% moves up/down with very little/average wicking - if thats the case, $6900 USD is a scenario I'll be saving bullets for. Adding to the bear case, the 12/26 EMA lines are heading down following a recent cross, and BTC failed both the 200 day MA and the 10k psych barrier earlier in the month. I think the price wil lget back to five figures before the end of the summer, but the path of maximum pain is definitely a trip back down to about 6900 ish.
Worth noting that, if 6900 doesn't hold - the next support would probably be, like, 4000 USD - at least from a technical standpoint. Who knows if the price would make it there, but it's worth considering if all these other stars line up over the next week/few weeks.
Looks to me that the 8200 level everyone seems to think BTC is respecting isn't really that well respected at all. It's a much better resistance than support, and I suspect today or tomorrow we'll see 7900 as a strong support level instead - we saw violence there back in Feb 18, twice in March 18, and again in April 18, so I'd expect to see it once again here in May. The thing that makes me think that support won't hold, though, are the two candles on March 29 and April 12; no price finding, one day candles representing 8-10% moves up/down with very little/average wicking - if thats the case, $6900 USD is a scenario I'll be saving bullets for. Adding to the bear case, the 12/26 EMA lines are heading down following a recent cross, and BTC failed both the 200 day MA and the 10k psych barrier earlier in the month. I think the price wil lget back to five figures before the end of the summer, but the path of maximum pain is definitely a trip back down to about 6900 ish.
Worth noting that, if 6900 doesn't hold - the next support would probably be, like, 4000 USD - at least from a technical standpoint. Who knows if the price would make it there, but it's worth considering if all these other stars line up over the next week/few weeks.