Bitcoin : Shadow support and short term view.
Hello all, welcome to the Saturday update of current bitcoin condition after yesterday's drop. Currently, After the drop we can see that the price is entering a shadow support (the yellow region). The shadow support itself is the area where the previous period's bull trap or the wick fishing region located.
So, here is my view in the short term, we can see that the price has touched the yellow region and there is a possible consolidation to occur at this area. I do believe we can see the price to have 1 more drop to the next strong support which has confluence zone with the golden pocket region. After that, we can see the price to touch the previous broken support that is now acting as a resistance as well around $9000 region.
From the daily perspective region, we can see that the MACD histogram is having the first ticking down to the negative side and the bearish action has completed with the confirmation of the death cross on moving average in the MACD.
However, $8500 will become a very strong support and there is a very good region to accumulate the long order.
So, here is my view in the short term, we can see that the price has touched the yellow region and there is a possible consolidation to occur at this area. I do believe we can see the price to have 1 more drop to the next strong support which has confluence zone with the golden pocket region. After that, we can see the price to touch the previous broken support that is now acting as a resistance as well around $9000 region.
From the daily perspective region, we can see that the MACD histogram is having the first ticking down to the negative side and the bearish action has completed with the confirmation of the death cross on moving average in the MACD.
However, $8500 will become a very strong support and there is a very good region to accumulate the long order.
Here is the daily perspective of the chart, we can see that there are the first time histogram reach to negative side since the last 32 days and Death cross has occured on the daily time frame.