BTC- Time to Consolidate

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Most up to date: 11:50am EST. Getting High Volume as this continues to drop. This high volume appears to be bottoming volume, 8068 Low. Its a fight, but the bulls are deff. present and Buying

Starting to break down: looks like Bulls are putting up a fight so far. If they manage to push this sell candle back above support then that would be pretty bullish. RSI's are looking good. 15 Min RSI is in a buy zone. The Stochastics have gone to oversold on this decline. Bulls doing work.. looks like me might not get a cheaper buy in for the bulls at 8k

Below Written Pre-Breakdown:

We have seen very aggressive action in BTC over the last few weeks. I healthy consolidation is needed and good for continued upside movement. I would like to see a bull flag form, where the consolidation actually has lower highs and lower lows. This would store up more kinetic energy for a nice impulse up once again. We do have the 200 Daily MA right above us currently at 8620 and declining rapidly (Purple). We have failed to get above the 200 Daily MA the last attempt at 10k so to get above it this time I believe that a very healthy consolidation is required. Our larger time frame RSI's need to recharge. Weak bulls need to leave and then fomo back in.

Currently we are forming a smaller consolidation at 8200 which should get quite a bit of buying support soon as the 15 min stochastic furthers into oversold territory.

If we do see more downside from here I expect for it to get bought up quickly, as many bulls have been waiting for a pullback to buy since 7k.

Supports are at 8100 and 8030 (8k) currently and would expect to be held during this consolidation that may last a few days. Once the 200 MA starts to run into the top of the consolidation, say on the 27th for example then that's when it will be decision time for the bulls.

RSI Talk

RSI: 4 Hr currently at 66. This is still pretty high and needs to come down some. Although, we recently passed the 70 on this last major impulse, which means were breaking into new ranges on the RSI.

Stoch RSI

1 Hr Oversold
30m Overbought
15m In the middle moving toward oversold (now oversold, with the recent down impulse)
5m In the middle moving toward oversold (now oversold)


We could see price fall to the 8100 area before rallying back up, or even to 8k but IMO this is less likely.

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ملاحظة

We have 15 minute Bullish Divergence, the 30min volume candle on Bitfinex turned Green signifying for the 30 min period of high volume slightly more buying than selling. I would say that we are pretty safe at these levels.

Stoch: 5min starting to head up (half way) we still have 10 min and 15 min, and 1hr loaded in the chamber. 30min is coming down currently with this low price point.