BTC short term reversal - Bear move not finished
The past days BTC -3.46% continued downwards with force despite continued oversold levels on higher time frames and several fibonacci support levels.
At this point the daily has reached a 9 count on the TD -1.01% , RSI is nearing 30 and the daily candle looks to be forming a close above the .786 fibo.
Awaiting the close of this daily candle, a short term bounce up towards .618 could be expected before continueing to test lower trendline supports in this weeks rapid bear move.
At this point the daily has reached a 9 count on the TD -1.01% , RSI is nearing 30 and the daily candle looks to be forming a close above the .786 fibo.
Awaiting the close of this daily candle, a short term bounce up towards .618 could be expected before continueing to test lower trendline supports in this weeks rapid bear move.
We have bounced up from the diagonal trendline in the last hour. As seen above the price action and RSI is following a pattern similar to a move made before in this downtrend. For now playing the bounce is still a risky trade and the coming hours will tell if it was a genuine bounce or another local high to drop down from.