BITCOIN Still Finding Resistance at Trend Line
It looks like BTC might have found some solid resistance while keeping lower highs. The down trend line is still relevant and we might be seeing an increase in bearish pressure again.
This bounce has now played out for over three weeks. Volumes are falling and we saw a lower high for now along with the previous higher low in the longer trends. There's potential for consolidation. Support has been found above the $9,300 level which has previously been a more significant support level than the $10k psychological level.
Technical indicators have hit a shorter term high and are now rolling over to show bearish pressure. $10,900 is next resistance level.
Hello friend steemians all
FOLLOW @ajaa23 yes
I wonder if we'll see consolidation down into that triangle before......a breakout (fingers crossed!).
It seems the consolation will take place just above the $6000 range since we seen historic bottoms there. Overall we still are bullish trend and I believe it will continue obviously cause mass adoption!
Yea on the weekly chart it's definitely longer term up trend....just huge corrections from an extended market.
Very good counterpoint. I think until some of the uncertainty dies down, we're in for a ride. KCBTD!
Interesting, how long do you think this will be played out over?
I ask as I've just been reading an interesting post by @aggroed where it was suggested that the next week could be critical in that it either breaks up or falls down to the $6kish level and potentially comes crashing all the way down below $2k before it starts it's next upward wave...
2.5k id a stretch as far as historical data goes. 6k is my targeted support line.