Many technical signals are indicating that the BTC markets may judgement a bullish move in coming days following several weeks of distressful selling. Despite longer-term price action and stochastic RSI suggesting an advance move up, the immediate price action tells a more tenuous thriller – with BTC currently testing a critical area.
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Longer-Term Industrial Indicators Suggest BTC Bullish Bounce May be Imminent
The price of bitcoin be clears to have established support at just above the $8,000 USD area, after must lost approximately 60% percent of its value from the all-time expensive of roughly $20,000 posted on December 17th, 2017 on Bitfinex.
On the weekly blueprint, the current price action comprises a test of the 38.2% retracement block of the multi-year bull-trend, whilst the stochastic RSI for the weekly, 3-day, and daily plots currently sit below the 20 threshold. If resistance is able to hold at the modish area, a major trendline starting from the September 2017 try out of approximately $3,000 would appear to have been validated, joining to the confluence of signals indicating that counterforce may be imminent.
Immediate BTC Evaluation Action Tests Critical Area
Despite many longer-term signals telling the likelihood of an impending bounce, immediate price action transversely informs that further bearish momentum may be a possibility.
As of this writing, the bitcoin assess appears to have dropped just below the immediate ascending trendline from the district low of $8,000, in addition to the descending trendline from approximately $12,000 that BTC appeared to be struck by broken earlier today.
If the price is unable to recover and break raw above the aforementioned trendlines, a retest of the recent low of approximately $8,000 is decidedly likely. Should $8,000 fail to hold, a further washout to check-up the 23.6% retracement area of approximately $5,000 – $6,000 may be likely, potentially validating a trendline withstanding from the test of the $1,800 USD area during July 2017.
Do you think the bitcoin sells will bounce off the $8,000 USD area? Or are you anticipating another leg down to assess the $5,000 – $6,000 zone? Share your thoughts in the comments section downstairs!
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