Just want to point out that the 4h, 12h & 1D charts are showing a bit of weakness.
- Momentum oscillators are sloping and weakening
- Candles are potentially closing below previous candles
I have my targets between $9600-10000, but the momentum oscillators are getting very high and are starting to weaken, so my view is that there will be a little more consolidation at this current price ($9150ish).
- If $8980 is broken (white horizontal line) downwards on even a 4hour candle close, I would expect more downside. But I am not leaning towards that happening myself.
- Also, this area around $8990 is defended by the Red 10 simple MA, so this area has potential support.
$10000 is a strong psychological number, and BTC will either be front run and show weakness at 9600, or it will overshoot 10k and we might see higher numbers like 11k become a possibility.
BTC has shown strength over the past week when there was strong Bearish pressure (around 7800 area), so I wouldn't underestimate its power going forward.
All major EMA's are bullish on the 1D, 2D, 3D charts, so price action is still looking bullish for the time being. There was also a bullish golden-cross on the 10 SMA and the 21 EMA on the 1D chart three days ago (emphasising further continuation).
But remember everything that goes up must come down, and this will be a highly likely possibility when BTC shows weakness at higher prices, the 2D, 3D and Weekly charts are extremely high in stochs, and once they slope aggressively downwards below 80 I would expect a dump in price (potentially a 30-40% drop).
The overall trend is bullish, so I the easy option would be to go with the trend until it ends.
Thanks for reading this, hope it helps with confusing times like these :)
- Momentum oscillators are sloping and weakening
- Candles are potentially closing below previous candles
I have my targets between $9600-10000, but the momentum oscillators are getting very high and are starting to weaken, so my view is that there will be a little more consolidation at this current price ($9150ish).
- If $8980 is broken (white horizontal line) downwards on even a 4hour candle close, I would expect more downside. But I am not leaning towards that happening myself.
- Also, this area around $8990 is defended by the Red 10 simple MA, so this area has potential support.
$10000 is a strong psychological number, and BTC will either be front run and show weakness at 9600, or it will overshoot 10k and we might see higher numbers like 11k become a possibility.
BTC has shown strength over the past week when there was strong Bearish pressure (around 7800 area), so I wouldn't underestimate its power going forward.
All major EMA's are bullish on the 1D, 2D, 3D charts, so price action is still looking bullish for the time being. There was also a bullish golden-cross on the 10 SMA and the 21 EMA on the 1D chart three days ago (emphasising further continuation).
But remember everything that goes up must come down, and this will be a highly likely possibility when BTC shows weakness at higher prices, the 2D, 3D and Weekly charts are extremely high in stochs, and once they slope aggressively downwards below 80 I would expect a dump in price (potentially a 30-40% drop).
The overall trend is bullish, so I the easy option would be to go with the trend until it ends.
Thanks for reading this, hope it helps with confusing times like these :)
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Also, the 2D 3D and Weekly stochs are still pointing up, so price still has high chance to reach targets...
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There is also a CME Futures Gap at 8500, so if 8950 breaks I will be looking for a bounce at that $8500 level.