Multiple rejections at the 1D 100MA (light blue line) saw a break in the multi-week RSI support line and a cascading price drop of almost 20% in 4 days. All the way down to the bottom of the rising channel, until finding a strong support level at $20.7k.
Price has since bounced a little back above $21k, but with strengthening bearish momentum seen in the MACD. For any chance of the bullish case being realised, price needs to assertively reclaim the 1D 50MA at around $22.4k, otherwise it will be subjected to the oppressive influence of this important indicator sitting on top of it.
On a bright(ish) note, though, is that the RSI is so low that any sustained sell-off seems improbable. However, the potential for a brief spike lower, perhaps to a double bottom, still certainly exists.
Unless, of course, you agree with my Elliott Wave count and this was just a necessary correction for further advancement.
What do you think?
- Is price still moving upward within the rising channel?
- Will we see a brief but sharp fall towards a double bottom?
- Or is price about to collapse below
14K?
Price has since bounced a little back above $21k, but with strengthening bearish momentum seen in the MACD. For any chance of the bullish case being realised, price needs to assertively reclaim the 1D 50MA at around $22.4k, otherwise it will be subjected to the oppressive influence of this important indicator sitting on top of it.
On a bright(ish) note, though, is that the RSI is so low that any sustained sell-off seems improbable. However, the potential for a brief spike lower, perhaps to a double bottom, still certainly exists.
Unless, of course, you agree with my Elliott Wave count and this was just a necessary correction for further advancement.
What do you think?
- Is price still moving upward within the rising channel?
- Will we see a brief but sharp fall towards a double bottom?
- Or is price about to collapse below
14K?
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.