This is my first analysis but I'm trying to involve myself into the community more so here it goes:
From my point of view I think we are going to see a short term drop in BTC price. The 9480 - 9500 resistance has been tested and rejected twice so far. We can see that there were 4 long shadows extending above the resistance. When it was tested again there were two long shadows. There is a bit of support at ~9460 and under that there will most likely be more support at 9400.
Looking at 7 SMMA and 144 WMA shows that BTC has been on an uptrend for about 24 hours now, but the two lines have been converging and may cross in the next few hours, which could signal a downtrend.
As stated before we are currently at a support point at ~9460. If the price drops below that we will most likely see support at 9400. If the price drops below that I can see the price continuing to drop even further to ~9300. If the price rallies back up to the 9560 resistance level and it is rejected for a third time I can see the price aggressively falling to ~9300 levels.
From my point of view I think we are going to see a short term drop in BTC price. The 9480 - 9500 resistance has been tested and rejected twice so far. We can see that there were 4 long shadows extending above the resistance. When it was tested again there were two long shadows. There is a bit of support at ~9460 and under that there will most likely be more support at 9400.
Looking at 7 SMMA and 144 WMA shows that BTC has been on an uptrend for about 24 hours now, but the two lines have been converging and may cross in the next few hours, which could signal a downtrend.
As stated before we are currently at a support point at ~9460. If the price drops below that we will most likely see support at 9400. If the price drops below that I can see the price continuing to drop even further to ~9300. If the price rallies back up to the 9560 resistance level and it is rejected for a third time I can see the price aggressively falling to ~9300 levels.
Comment:
I said short term, but mid term would be more applicable here. We've been trading horizontal for a while now, but at some point we will break-out, in which case I expect to be a breakout in a down trend