The Price is retesting Uptrend Level second time. This level has acted as Support Level in the past but has turned in to Resistance Level . This time The Price happens to be at the intersection of Uptrend Level & previous Support Level zone which is acting as Major Resistance Zone now. This is where The Price might get rejected and start falling. New entries should made only with confirmed breakouts or buy orders can be placed above of the Major Resistance Zone . Few things indicates that The Price is going to retrace before moving up. In the 1 hour chart can be found Bearish Divergence which is supported by RSI and MACD . Current chart is showing that RSI is in the overbought territory and combined with the Major Resistance Level setup, it is likely going to drop. Where the price is going to drop? There can be found Strong Support in between of 8952.00 / 9500.00 levels. These levels have acted as support in the past. So these levels are ideal to watch for reversals.
50 day Moving Average is about to cross above 100 day Moving Average which is signaling a change in the momentum and a new uptrend begins. The daily chart is supporting longer term perspective and this is supported by RSI & MACD . MACD has crossed, bottomed and RSI still has space to move overbought zone. Once The Market start breaking these barriers (Major Resistance Levels), more likely the crowd will follow.
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Things to Remember:
Stop-loss orders are strongly recommended.
Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
Do your homework before investing.
DISCLAIMER: Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
What could happen if btc breaks that big bear channel ?