Analysis is in the chart.
Long story short we still have a long ways to go and the momentum indicators are not looking great.
If you look at my other analysis on the hourly chart you'll see a bearish divergence taking place on the RSI. Seems 70 is the cap in this market and this is why we are seeing prices stalled around 8.5K zone.
Anyway have a look at what the daily is showing us to put things in perspective. obviously you can see we have a long ways to go for any trend reversal to take place.
I don't like making price predictions because no one really knows where things are going to hit, but my indicators are telling me south. Especially if the bulls can't find the legs to push through some of the overhead resistance in the near term.
Good luck and be safe,
BitcoinBobby
Long story short we still have a long ways to go and the momentum indicators are not looking great.
If you look at my other analysis on the hourly chart you'll see a bearish divergence taking place on the RSI. Seems 70 is the cap in this market and this is why we are seeing prices stalled around 8.5K zone.
Anyway have a look at what the daily is showing us to put things in perspective. obviously you can see we have a long ways to go for any trend reversal to take place.
I don't like making price predictions because no one really knows where things are going to hit, but my indicators are telling me south. Especially if the bulls can't find the legs to push through some of the overhead resistance in the near term.
Good luck and be safe,
BitcoinBobby