After getting rejected at the upper trendline of the uptrending channel, Bitcoin is currently testing the lower trendline right at 10k.
This isn't just the lower trendline, it's also the psychological level we all love and hate. I see 2 possibilities here. Either it bounces towards our last resistance near 10.800$ where we meet heavy resistance again (yellow line), or we fall straight to 9000$, where we might see a retest of the broken supportline, to confirm the downward channel to be valid (blue line) further on.
With all this CME Futures GAP Talk, second one might happen. Would not go short yet though, as BTC is pretty oversold and at least ready for a small bounce.
The Blue Box also is the exact 0.618 FIB Retracement from our entire move from 4100$ to 13.900$.
This isn't just the lower trendline, it's also the psychological level we all love and hate. I see 2 possibilities here. Either it bounces towards our last resistance near 10.800$ where we meet heavy resistance again (yellow line), or we fall straight to 9000$, where we might see a retest of the broken supportline, to confirm the downward channel to be valid (blue line) further on.
With all this CME Futures GAP Talk, second one might happen. Would not go short yet though, as BTC is pretty oversold and at least ready for a small bounce.
The Blue Box also is the exact 0.618 FIB Retracement from our entire move from 4100$ to 13.900$.
