Yesterday’s dump due FTX was gut-wrenching, but if you zoom out on the weekly, the BTC chart is now backtesting its previous resistance as a new support from a massive falling wedge from 2021 (dark-blue lines).
I also notice the RSI is also doing the same, retesting it’s previous downtrend resistance, going back to 2020, into support!
The MACD is also turning up even with yesterday’s dump.
There could be more downside to BTC price, possibly 10k by my observation, however, I believe that the 16500-16000 range may be our low.
This is not financial advice, just my observation and first idea.
Thanks.
I also notice the RSI is also doing the same, retesting it’s previous downtrend resistance, going back to 2020, into support!
The MACD is also turning up even with yesterday’s dump.
There could be more downside to BTC price, possibly 10k by my observation, however, I believe that the 16500-16000 range may be our low.
This is not financial advice, just my observation and first idea.
Thanks.