Short term run-up followed by more downward movement
BTC had a nice bounce off the lower trend line and we're heading up as expected. But movement will face increased resistance as we head up toward a confluence of :
1) Previous support form Sept - Oct
2) 50, 200, and 500 ema all converging
3) Psychological level of 8000
4) Halfway point on RSI
A bounce down around that level seems likely, and considering the overall trend of the downward wedge we're in, it's very possible we'll continue down to re-test the lower bound of that wedge.
1) Previous support form Sept - Oct
2) 50, 200, and 500 ema all converging
3) Psychological level of 8000
4) Halfway point on RSI
A bounce down around that level seems likely, and considering the overall trend of the downward wedge we're in, it's very possible we'll continue down to re-test the lower bound of that wedge.
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I forgot to mention a 5th factor -- 0.382 fib level from latest dip is also right around 8000