Mid-week check on Bitcoin
Hi all,
Let´s look at bitcoin.
Just as predicted on Monday, the price of BTCUSD broke out of the zone where the horizontal resistance met the diagonal one at $9,500.
It was, however, once again rejected at the $9,700 resistance, which was our next target up. Personally, I thought that this will be it and we will see another run towards $10,000 and $10,360. I guess I was wrong, at least from timing perspective since bitcoin moved back down to the lower end of the $9,600-$9,600 support zone.
A rebound from here will result in another run upwards to $9,700. A break though will most probably drag the price down back to $9,300 and $9,150.
I consider this move a health retrace, so expect a continuation of the uptrend.
On the bear side of things, the main obstacle in bulls' way is the declining volumes, which are now close to $16 billion on 24-basis, down from $20-$22 as an average for the last two weeks. Additionally, there is most definetely a bearish divergence on the RSI on daily as you can see on the below chart.
Cheers,
Let´s look at bitcoin.
Just as predicted on Monday, the price of BTCUSD broke out of the zone where the horizontal resistance met the diagonal one at $9,500.
It was, however, once again rejected at the $9,700 resistance, which was our next target up. Personally, I thought that this will be it and we will see another run towards $10,000 and $10,360. I guess I was wrong, at least from timing perspective since bitcoin moved back down to the lower end of the $9,600-$9,600 support zone.
A rebound from here will result in another run upwards to $9,700. A break though will most probably drag the price down back to $9,300 and $9,150.
I consider this move a health retrace, so expect a continuation of the uptrend.
On the bear side of things, the main obstacle in bulls' way is the declining volumes, which are now close to $16 billion on 24-basis, down from $20-$22 as an average for the last two weeks. Additionally, there is most definetely a bearish divergence on the RSI on daily as you can see on the below chart.
Cheers,
Uwaga
So, the bear scenario came into reality as the bearish divergence drag price down to $9,300, almost touching the next target down $9,150. I'll be looking to add some longs here
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