Bitcoin testing major support, possible upcoming bounce!

Bitcoin is testing major support at 14200 (61.8% Fibonacci retracement , horizontal overlap support, bullish divergence ) and a possible bounce could occur at this level. However there’s strong descending resistance holding price down really well. Only a clean break of this resistance level would add conviction to the rise we’re expecting.

RSI (34) sees bullish divergence vs price signaling that a possible reversal is impending. At the same time, there’s a bearish descending resistance line that needs to be broken to open an upside move.

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Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
Wow, walked right past the 'major' supports like they were nothing...
Thank you for the detail, can you please tell me where BTC will go now from 13500?
the major support was 14400, and its dead, we go to 8-11k imo .
bankbits neofutur
@neofutur, confirmed true.
+1 回覆
@bankbits, so true.
doctorkesh neofutur
@neofutur, every major support becomes a major resistance later. I agree with you. Too many negative news surrounding BTC at this time. If CBOE ETF application gets refused, we will probably see BTC touch 5k though.
+1 回覆
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