The last time BTCUSD hit the upper 13K resistance, sellers showed extreme control of the market pushing the price down almost uncontested, the very large bearish candles showed a clear example of price rejection.
The rejection caused a loss of momentum for BTCUSD and slowed down the impressive uptrend that started around May.
Now the second time BTCUSD hit 13K now this time at lower prices, we also saw massive price rejection, with sellers dominating and bringing BTCUSD down around 15% uncontested, before any kind of buying pressure showed up.
Based on this massive amount of price rejection, and the Bearish crossover of the MACD on both the 4h and daily charts, I believe the 9.8K support will be retested and probably broken down towards 8K BTC.
I have most of my assets on USDT and I will continue to watch the price before moving into BTC and altcoins.
The rejection caused a loss of momentum for BTCUSD and slowed down the impressive uptrend that started around May.
Now the second time BTCUSD hit 13K now this time at lower prices, we also saw massive price rejection, with sellers dominating and bringing BTCUSD down around 15% uncontested, before any kind of buying pressure showed up.
Based on this massive amount of price rejection, and the Bearish crossover of the MACD on both the 4h and daily charts, I believe the 9.8K support will be retested and probably broken down towards 8K BTC.
I have most of my assets on USDT and I will continue to watch the price before moving into BTC and altcoins.