The upward trend line (blue) sits at about 11.2k and it extends far back to when the bull run started. The 10.9k is horizontal support, as shown by the line drawn, that sits where the price reversed off resistance or bounced off support. Ideally, I would like to see I reversal at 10.9k with bullish divergence on the 4hr MFI, RSI, Stoch, or any preferred oscillator. We might bounce off 11.2k but it doesn't seem the price would go far, and if we do we could be in for another dump, past the 10.9k support.
The clearest support under 10.9k seems to be the orange trend line at 10k, and then under that would be horizontal at 9k. We could play out to September at 10.6k, but I'm really hoping we'll have a reversal and break the upward orange trend line, which would be a great time to buy, or a great time for a false breakout, as we saw earlier.
The clearest support under 10.9k seems to be the orange trend line at 10k, and then under that would be horizontal at 9k. We could play out to September at 10.6k, but I'm really hoping we'll have a reversal and break the upward orange trend line, which would be a great time to buy, or a great time for a false breakout, as we saw earlier.