So BTC had a very huge break to the downside, and its looking like it'll go down further. I've seen a few suggestions from top traders to long around the region of $8,300 but i beg to differ.
As we can see, the ADX line is now moving upwards, which means we are transitioning into a trending market, but unfortunately the trend is now downwards. Also the DI- line is above DI+ which is further confirmation that prices will drop further. Once a sell signal on the parabolic SAR appears, that will fully confirm this move.
I will expect BTC to retrace and find support around the 0.786 fib level which is around $6,960 .
As we can see, the ADX line is now moving upwards, which means we are transitioning into a trending market, but unfortunately the trend is now downwards. Also the DI- line is above DI+ which is further confirmation that prices will drop further. Once a sell signal on the parabolic SAR appears, that will fully confirm this move.
I will expect BTC to retrace and find support around the 0.786 fib level which is around $6,960 .