Bitcoin dropped more than I expected (my low was $6800), but we are still seeing higher lows. Volume is weak, but since the shorter term trend is bearish, this could simply be due to supply drying up.
What I see here is a buffer zone instead of a trend line, this zone has been respected for well over 6 months. Staying above or inside this zone would be bullish. There are a few points of interest (POI) marked inside yellow circles to watch out for.
My short term targets are $7200 and ~$8000 if we cross the first POI.
Bullish if:
- Stays above buffer zone, thus making higher lows.
- crosses resistance trend lines in POI
- If the major down trend line is crossed to the upside (larger yellow circle), we would likely see $9-10k again. More TA would be needed at that time.
Bearish if:
- Crosses buffer zone to the downside. If it does, use blue support lines as potential targets. Open a short, we could be in full retracement cycle
What I see here is a buffer zone instead of a trend line, this zone has been respected for well over 6 months. Staying above or inside this zone would be bullish. There are a few points of interest (POI) marked inside yellow circles to watch out for.
My short term targets are $7200 and ~$8000 if we cross the first POI.
Bullish if:
- Stays above buffer zone, thus making higher lows.
- crosses resistance trend lines in POI
- If the major down trend line is crossed to the upside (larger yellow circle), we would likely see $9-10k again. More TA would be needed at that time.
Bearish if:
- Crosses buffer zone to the downside. If it does, use blue support lines as potential targets. Open a short, we could be in full retracement cycle
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Possible triple bottom:
