BTC - a shark ended up playing out on this one close to my pink projection previously. Target is often the 61.8% fib at 8000. Seeing some bullish divergence on the 1 hour RSI and MACD histogram, we however haven't seen closing candle confirmation yet. From prior action, and the 4 hour movement described below, we will likely see a wedge form in the short term followed by another downward swing.
On the 4 hour we have yet to have confirmation of ending the downtrend, although we have some hidden bullish divergence on the RSI, the indicator hasn't confirmed the bottom yet, nor is it oversold. We are however tracking in the cloud, and have used the base of the cloud for support a couple of times. Similarly, we have hit the bottom of the flattening bollinger bands without too much volatility which could be a place for a reversal.
All information in consideration I still see 8000 as my current target with the weekend typically bringing low volume to support a decent rally. A lot of trading through this area gives multiple options for support below 8k, with 7400 being the bottom trend line running across the last year should the price fall further.
Of note for future resistance, the recent top at 9200 tallies with the a key downtrend line on the log chart and should be taken into consideration on the next rally.
On the 4 hour we have yet to have confirmation of ending the downtrend, although we have some hidden bullish divergence on the RSI, the indicator hasn't confirmed the bottom yet, nor is it oversold. We are however tracking in the cloud, and have used the base of the cloud for support a couple of times. Similarly, we have hit the bottom of the flattening bollinger bands without too much volatility which could be a place for a reversal.
All information in consideration I still see 8000 as my current target with the weekend typically bringing low volume to support a decent rally. A lot of trading through this area gives multiple options for support below 8k, with 7400 being the bottom trend line running across the last year should the price fall further.
Of note for future resistance, the recent top at 9200 tallies with the a key downtrend line on the log chart and should be taken into consideration on the next rally.
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