Cryptocurrency
Trading Bitcoin: $8k Incoming?
$8k Incoming? $8k Incoming? Not much has changed since Bitcoin’s break below $10k yesterday and price is still hovering around the $9.7-$10k price region. Yesterday, the sequential indicator told you to take a short trade on a red 2 closing below a red 1. While price did retest resistance at $10.1k, bullish momentum quickly diminished. […]
$8k Incoming?
$8k Incoming? Not much has changed since Bitcoin’s break below $10k yesterday and price is still hovering around the $9.7-$10k price region. Yesterday, the sequential indicator told you to take a short trade on a red 2 closing below a red 1. While price did retest resistance at $10.1k, bullish momentum quickly diminished.
Daily
The sequential indicator on the daily chart above is on a red 4 and is hovering below the 50MA. From a daily perspective, price is still bearish and an additional retest of support at $9.5k seems likely.
4 Hour
Bitcoin’s sequential indicator on the 4 hour chart is currently on a green 7 of 9 candle. While the micro trend has been bullish for the previous day, price will likely experience a reversal if sequential creates a green 9 in 8 hours.
Conclusion
While the bulls held their ground yesterday, the technicals are still leaning in the bear’s favor. Current support remains at $9.5k & resistance stands at $10.1k.