Bitcoin - time for a healthy correction before 10K
Bitcoin market price made a nice breakout on weekly chart and must stay above 8700 $ to remain bullish. In short term I see a correction to 8700 $ which is first support area. Currently the market tests up trend resistance line. If price close in one hour under the drawn trend line expect correction to at least support area 1. if the current candle close above 9250 $ we will see a straight run to 10K which is next strong technical and psychological resistance.
- market price reached upper Bollinger bands and the bands going more sideways than up which implement bearish movement in short term
- RSI retraced from heavy overbought area and is searching now for support
- MACD baselines are near top and looking for bearish crossing which brings sellers into the market
- market price reached upper Bollinger bands and the bands going more sideways than up which implement bearish movement in short term
- RSI retraced from heavy overbought area and is searching now for support
- MACD baselines are near top and looking for bearish crossing which brings sellers into the market
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The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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