BTC is in a triangle pattern looking to test the bottom support line and we have mentioned that it would be a healthy move for BTC to test the lower end of the pattern, coming in today at approx. 9259 today.
A solid influx of bear volume hit the market between 8AM -10AM est. which helped the price break under minor support of 10750. Current low is 10379 and the bulls are struggling to mount any type of defense; Bears should be able to put in a new low before the day is over!
A break under the triangle pattern support of 9259, will be followed by price a free fall down to 8300-8250 range and could signal a bear cycle lasting 2-5 months.
That said, I would like to see the market test 9259 and suspect the Bear push will fail (time & volume will tell), a bounce off of 9259 area will cause doubt in the bear camp and the markets should trade sideways for a few weeks with higher lows and a retest of recent broken support lines.
Overall, I will be cost averaging and buying BTC, ETH and few other favorites on any move down.
Happy Trading ALL!
Support & Resistance Levels
R3 - 12790
R2 - 11500
R1 - 10755
Current price = 10500
S1 - 10230
S2 - 9920
S3 - 9250
S4 - 8300-8250
A solid influx of bear volume hit the market between 8AM -10AM est. which helped the price break under minor support of 10750. Current low is 10379 and the bulls are struggling to mount any type of defense; Bears should be able to put in a new low before the day is over!
A break under the triangle pattern support of 9259, will be followed by price a free fall down to 8300-8250 range and could signal a bear cycle lasting 2-5 months.
That said, I would like to see the market test 9259 and suspect the Bear push will fail (time & volume will tell), a bounce off of 9259 area will cause doubt in the bear camp and the markets should trade sideways for a few weeks with higher lows and a retest of recent broken support lines.
Overall, I will be cost averaging and buying BTC, ETH and few other favorites on any move down.
Happy Trading ALL!
Support & Resistance Levels
R3 - 12790
R2 - 11500
R1 - 10755
Current price = 10500
S1 - 10230
S2 - 9920
S3 - 9250
S4 - 8300-8250