Bitcoin bounced back off the 8200 level as expected. RSI was extremely oversold on 30min and 4hr charts. A bounce was imminent but i dont believe it's the end of the blood.
Failure to hold the breakout of the downtrend indicates the bears still have control.
Currently, i just don't believe their is enough buyers to get bitcoin out of this downtrend. Both attempts at 12k have failed due to the lack of buyers.
Their is an obvious pattern forming on this correction, you'll notice bitcoin has a large fall, bounces back, moves sideways for a day or two before falling further. People call this movement a "bear flag".
Failing to break level 40 on RSI would indicate we are going down further. Although MACD is showing signs of bullish divergence.
Keep an eye in the RSI - Generally i like to say below 40 is bearish, 40 - 60 neutral, 60 above bullish.
I expected this bounce to 9200, hopefully it holds and buyers return, but for now i just don't see that happening.
More than likely is a possible retest of 6k level.
Let me know your thoughts
:)
Not financial advice guys. Just my opinion. I may be wrong, time will tell.
Failure to hold the breakout of the downtrend indicates the bears still have control.
Currently, i just don't believe their is enough buyers to get bitcoin out of this downtrend. Both attempts at 12k have failed due to the lack of buyers.
Their is an obvious pattern forming on this correction, you'll notice bitcoin has a large fall, bounces back, moves sideways for a day or two before falling further. People call this movement a "bear flag".
Failing to break level 40 on RSI would indicate we are going down further. Although MACD is showing signs of bullish divergence.
Keep an eye in the RSI - Generally i like to say below 40 is bearish, 40 - 60 neutral, 60 above bullish.
I expected this bounce to 9200, hopefully it holds and buyers return, but for now i just don't see that happening.
More than likely is a possible retest of 6k level.
Let me know your thoughts
:)
Not financial advice guys. Just my opinion. I may be wrong, time will tell.
Comment:
Volume dropping, i expect a pull back within the next day or so.
