Price broke above the 11800 resistance/range high two days ago but closed below it and has since fallen back towards the middle of the range. On H1 chart we see how price has tested the Daily S1 at 10830 which also mark the lower end of an ascending channel and Horizontal support. If this level holds support, chances are we will see a move to the daily pivot point at 11320 and above that we have R1 at 11660 and then the upper range again at 11800. Some bullish divergence can be noted on the hourly, but it hasn't yet came through in price action.
Thanks for your answer. It seems that some predators continue to eat the herd and then fatten those who remain and repeat the cycle, with the technical support of Fib. Apparently until there is a double fund of BTC in area of $ 8k and stop orders are consumed and the panico add sellers will not resume trend. I'm in that pack and I left the position a little late but before the last hunt happens.
gusccbb
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Hi, thanks for sharing your analysis. Do you see the possibility that in this week that I start a bearish, I can reverse the upward trend and try to enter the $ 12K zone?
CapMoore
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@gusccbb, It seems heavy overall and didn't really hit an important support yesterday. Guessing is hard. Let's wait for the new Monthly pivots. Price always has a tendency to put in important highs and lows in the first days of trading in a month. If price comes back up and close above the 11000 level, we might see more upside, but we could also with yesterdays low, have seen a new range low carved out. A lack of participation on upward moves is stil seen.