It will try to bounce of the fib levels.
Check out the bottom blue horizontal line on indicator, once touches that, it should indicate the bottom of the dip and move back up again.
RSI however has returned from oversold on 4hrs timeframe.
I expect it to continue dipping as there is more selling pressure in market.
RSI has touched the bottom blue line for now in 4hrs timeframe
However, its still resting over ichimoku cloud , hasn't broken it. So it can bounce up from here.
It has formed a double top but will it break the neck line?
Double top formation in 1day time frame, broke the neck.
Candle is lying at the bottom of kumo cloud in 4hrs frame.
RSI heading in oversold region.
Bottom should should be 2250 if it dips further from here
Price bounced off bottom of ichimoku cloud. Price returning from oversold region.
Will reassess later.
I expect some strong resistance at 2850 as price had a difficult time to break that last time. If it breaks that easily then will have to reassess.
In my opinion, price should face a resistance between 2800 - 2850 and then deflect downwards. RSI still isn't near oversold region nor my blue line.
Keypoint would be 2500, if it breaks 2500 then 2250 should be the bottom
Do you foresee 1900 or 1250 as the next down turn or it will bounce back at 2500 / 2250 level ?
I don't see BTC going that much down unless there is some bad press or unless it breaks 2250 level. At that time will have to reassess the chart.
Should I invest or wait for the down turn ?
Until it breaks the all time high with a clear breakout, I would say we have a good chance of a short.
Chart still shows a lot of resistance in this region. There is still bearish divergence.
Long term trend is bullish, but a correction is expected here . It could lead to formation of double top to 2600- 2500 level
Its bouncing on the fib levels currently. It would be interesting to see if breaks the orange trend line from here.
If it breaks 2500 price barrier then I would expect 2250 to be the bottom of this correction.