We have been on a nice uptrend within the channel seen on the chart above. We got a string rejection upon attempting to break out of the channel, and today we have seen lower volumes with a lower attempted high. It appears that the bulls are beginning to lose steam here and the profit taking has begun.
In addition, we are setting up for a potential evening star formation. Tomorrow's trading will of course confirm, but in my opinion there is much more risk than reward at this level. I'd hate to wait for that confirmation, especially since we have seen drops of 1000 points or more in the matter of minutes in the past.
The last known strong resistance was around the 9150 level which will act as support here, and that would put us in the range of past corrections (as in the one we saw in May) as well. Personally, if the price drops below 10k at any point I'd look to pick it up, as timing bottoms is a fool's errand. Good luck everyone.
In addition, we are setting up for a potential evening star formation. Tomorrow's trading will of course confirm, but in my opinion there is much more risk than reward at this level. I'd hate to wait for that confirmation, especially since we have seen drops of 1000 points or more in the matter of minutes in the past.
The last known strong resistance was around the 9150 level which will act as support here, and that would put us in the range of past corrections (as in the one we saw in May) as well. Personally, if the price drops below 10k at any point I'd look to pick it up, as timing bottoms is a fool's errand. Good luck everyone.
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Above is the BTC 1H chart. As you can see, the price was once again rejected at the top of the channel and we can even see another evening star completing in the 1 Hour chart. Look out below!
