Yesterday BTC price followed the general trajectory of the triple top pattern before it met resistance in the Senkou Span. The run from 8.4-9.8k was followed by some strong selling off in the previous 2 hours. Chikou span is currently down crossing the price indicating we may see more selling off before the bulls are ready to move again.
Tenken Sen fluctuated down with the previous selling off and is still showing a trend as opposed to the market ranging. Kijun sen is below the current price and signals there may be room to raise more.
StochRSI and MACD are both indicating overbought. StochRSI is falling and could soon bounce if sellers continue to buy.
The price overall is still within it's ascending triangle, triple top still in formation. A smaller formation of head and shoulders may be forming from the current price action. Potential price trajectory has been plotted in yellow with potential resistance bounces in red.
Our .236 fib level is acting as support. If it doesn't hold up we have room to fall down to ~8.5 before we find support on the bottom of the triangle.
If the bull can gain steam and break resistance at the 9.5k mark we have room up to the 10k level. If the bears win the current candle we could drop to 8.5 before a potential rebound.
Tenken Sen fluctuated down with the previous selling off and is still showing a trend as opposed to the market ranging. Kijun sen is below the current price and signals there may be room to raise more.
StochRSI and MACD are both indicating overbought. StochRSI is falling and could soon bounce if sellers continue to buy.
The price overall is still within it's ascending triangle, triple top still in formation. A smaller formation of head and shoulders may be forming from the current price action. Potential price trajectory has been plotted in yellow with potential resistance bounces in red.
Our .236 fib level is acting as support. If it doesn't hold up we have room to fall down to ~8.5 before we find support on the bottom of the triangle.
If the bull can gain steam and break resistance at the 9.5k mark we have room up to the 10k level. If the bears win the current candle we could drop to 8.5 before a potential rebound.
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