Bitcoin Critical Support Being Tested RN!
Traders,
We are now testing my line in the sand once again, 25,200. Should we close below this level and confirm with at least one more candle, I smell 20k in the cards. If this support holds, then I believe we’ll continue the sideways action between 25.2k and 31.6k through November of this year, maybe longer.
A few bullish indicators are in our favor rn:
The big bearish indicator that I have alluded to in past posts is that BTC CME Futures gap at 20k. But the bears will have to remain strong to get us there. With volume low and our daily RSI remaining in or near oversold territory for the last several weeks, I am just not sure they have the strength to get us down there again.
We’ll continue to keep our eyes on this as it unfolds.
Best,
Stew
We are now testing my line in the sand once again, 25,200. Should we close below this level and confirm with at least one more candle, I smell 20k in the cards. If this support holds, then I believe we’ll continue the sideways action between 25.2k and 31.6k through November of this year, maybe longer.
A few bullish indicators are in our favor rn:
- We’ve remained above our neckline since March.
- The neckline held the first retest being touched 5x but never breaking below with a following confirmation candle.
- We still have no confirmation this current move below will gain steam.
- RSI shows correlating strong support.
- RSI shows bullish divergence.
The big bearish indicator that I have alluded to in past posts is that BTC CME Futures gap at 20k. But the bears will have to remain strong to get us there. With volume low and our daily RSI remaining in or near oversold territory for the last several weeks, I am just not sure they have the strength to get us down there again.
We’ll continue to keep our eyes on this as it unfolds.
Best,
Stew
Stewdamus Trades -
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Prophesying the price action of markets one chart at a time.
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