In retrospect, one can easily notice that weekly 20MA act as a solid support in bull market and yield as the strongest resistance in bearish market.
It should be realised that this is our sixth time hitting the 20MA and the slope is still negative. Alongside with stochastic RSI reaches to a critical high level, a correction is on the way.
However, as the trading volume keep declining and the we are pretty much narrow down to a very squeezed trading range, there are evidences that we might bottomed out at 3100-3200. And this correction can be one of the last chance you can get some discounted bitcoin.
In general, I expect a correction towards 3600 level.
It should be realised that this is our sixth time hitting the 20MA and the slope is still negative. Alongside with stochastic RSI reaches to a critical high level, a correction is on the way.
However, as the trading volume keep declining and the we are pretty much narrow down to a very squeezed trading range, there are evidences that we might bottomed out at 3100-3200. And this correction can be one of the last chance you can get some discounted bitcoin.
In general, I expect a correction towards 3600 level.
Forex & Crypto day trader