We're currently testing the bottom of our consolidation zone. Based off momentum, it does look like we're going to break this support line and retest the 9k support zone. Testing 9k a third time will result in a bearish price formation (descending triangle) and could be bad for BTC. 8k will be the next notable zone for support. 8k represents the .618 retracement from the initial golden cross breakout point. That zone also has a high volume profile so it may reverse at that region. Recommended trade is wait until it breaks 9.8k support and short to 9k TP1, 8.5 TP2.
In the case that this 9.9k region does hold, we will not be in the clear yet, but may gain enough bullish confidence to give this one more shot for this consolidation to break for the upside.
In the case that this 9.9k region does hold, we will not be in the clear yet, but may gain enough bullish confidence to give this one more shot for this consolidation to break for the upside.
Comment:
Price has not broke that 9.8k support zone and created a double bottom. Volume is still weak. Still anyones game. No trade recommended at this time.