Just wanted to point out that we are approaching the longest correction in terms of days since June 2017. In June 2017, from peak to bottom, the correction lasted 34 days before it found support. Then in June 2016, the correction lasted 46 days. So we are probably nearing exhaustion on the daily chart.
While this comparison does not mean much by itself, if you look at each indicator: (i) the Slow Stochastics is in an extreme overbought position and reads 13.7/21.6 (ii) the MacD is again in an overbought position (though not extreme), reading -448 on the MacD, the pink histogram is not showing anything worse than we've seen over the last 31 days.
Based on trend analysis and not on fibonaccis or anything else, we could find addition support at:
BTCUSD $10,073 +/-
BTCUSD $8,318 +/-
We could easy bounce from here, but would likely need to see new money coming in. Watch the MFI indicator for any upticks over the shorter 2HR, 4HR and 6HR charts. Also, be cognizant that this chart is just showing BTCUSD through Coinbase and not all other exchanges, so volume and all other indicators could be distorted to the US-centric market.
While this comparison does not mean much by itself, if you look at each indicator: (i) the Slow Stochastics is in an extreme overbought position and reads 13.7/21.6 (ii) the MacD is again in an overbought position (though not extreme), reading -448 on the MacD, the pink histogram is not showing anything worse than we've seen over the last 31 days.
Based on trend analysis and not on fibonaccis or anything else, we could find addition support at:
BTCUSD $10,073 +/-
BTCUSD $8,318 +/-
We could easy bounce from here, but would likely need to see new money coming in. Watch the MFI indicator for any upticks over the shorter 2HR, 4HR and 6HR charts. Also, be cognizant that this chart is just showing BTCUSD through Coinbase and not all other exchanges, so volume and all other indicators could be distorted to the US-centric market.