Heya guys! Welcome to another update on BTC
As you can see, BTC did not manage to break above the resistance line and couldn’t stay there. This was expected. The RSI reached 70 and the MACD also showed a signal that a correction is very likely.
Since BTC did not manage to stay above the resistance line, it will fall back to another support at around 7800 dollars. You can see that the RSI is back at around 38 now, this means BTC is becoming to get oversold. The MACD is also showing us that we are in a downtrend for the moment. I think the RSI could go to about 25-35 before BTC will be in an uptrend again.
BTC also went below the EMA50 line, this is bearish. The price crossing with the ema50 can be seen as a trend reversal.
If BTC breaks below the blue line which goes through the support line, it will become very bearish again.
We now have to wait and see if the support line is strong enough.
Thank you for your support!
Let me show you the horizon,
Greetings, Krypton.
As you can see, BTC did not manage to break above the resistance line and couldn’t stay there. This was expected. The RSI reached 70 and the MACD also showed a signal that a correction is very likely.
Since BTC did not manage to stay above the resistance line, it will fall back to another support at around 7800 dollars. You can see that the RSI is back at around 38 now, this means BTC is becoming to get oversold. The MACD is also showing us that we are in a downtrend for the moment. I think the RSI could go to about 25-35 before BTC will be in an uptrend again.
BTC also went below the EMA50 line, this is bearish. The price crossing with the ema50 can be seen as a trend reversal.
If BTC breaks below the blue line which goes through the support line, it will become very bearish again.
We now have to wait and see if the support line is strong enough.
Thank you for your support!
Let me show you the horizon,
Greetings, Krypton.