The price of Bitcoin formed tweezer tops (reversal pattern) 3 days ago, and after the FUD news in regards to ETF denial of the Winkle twins, we saw further consolidation down to the 7130 price point.
There are two channel that contain the price currently. A larger ascending channel that the price is still within, and a potential downward channel.
However, I believe support will be found before the psychological supports (light blue) in place at 7.4 - 7.7k which are further reinforced by fibonacci supports.
Furthermore, the Kijun and Tenkan are also acting as support, and their horizontal motion indicates lessened volatility.
The RVI again confirms the lessening volatility.
Moreover, the ADX is sitting at 37.2 which still indicates this uptrend is still strong, and the widened DIs help support this thesis.
For the reasons listed above, and the fact that the more important ETF application that was submitted by CBOE should be published in some bullish news over the next few days, I believe the price will find support at the 7.7k level before a possible extension back to the .786 extension point at 8.3k~
There are two channel that contain the price currently. A larger ascending channel that the price is still within, and a potential downward channel.
However, I believe support will be found before the psychological supports (light blue) in place at 7.4 - 7.7k which are further reinforced by fibonacci supports.
Furthermore, the Kijun and Tenkan are also acting as support, and their horizontal motion indicates lessened volatility.
The RVI again confirms the lessening volatility.
Moreover, the ADX is sitting at 37.2 which still indicates this uptrend is still strong, and the widened DIs help support this thesis.
For the reasons listed above, and the fact that the more important ETF application that was submitted by CBOE should be published in some bullish news over the next few days, I believe the price will find support at the 7.7k level before a possible extension back to the .786 extension point at 8.3k~
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