has bounced from a major trend line
at 12k, we've seen a huge decline thereafter (we should have all expected this and placed trades in line with this eg short BTC futures
, while holding your BTC
assets or selling your BTC
for profit at 12k and buying back at a cheaper price, pocketing a couple thousand dollars - the latter we do not advice as it's a very risky tactic). For future reference in order to take advantage of these kinds of calls please set up a leverage account with brokers such as BITMEX. Moving on, now BTC
is at the level we predicted it to be around 9920$ but the magnitude of this bear move could mean we could even see lower lows. One positive possibility is that BTC
could essentially use 9.5k as a support and bounce back up from there - supported by the fact that it will need to go this low to meet the moving average on our scalpers channel (big blue line) on the 1D charts. The RSI
on the 4 hour chart shows that it is extremely oversold to go in line with 9.5k being used as a support. MACD
also suggests that we're in a bit of free fall to the downside but if we take a closer look at the one hour chart we can see that MACD
is suggesting that the sellers have run out of momentum. If this happens that will mean that the 1 day charts will show a huge wick of a bear candle (opening and closing price for the day differs significantly). This would be in favour of a bull move coming.
However, if the one day candle ends in a huge bear move (one big red candle) and we break the support of 9.5k.... please expect price to easily reach 7.9-8k as this is the next BIG SUPPORT! Also, history always repeats itself and this is an area we're the bulls will instinctively place large orders, which will get triggered once that price is hit.
To conclude, at this very given minute the smart investors would wait to see for more confirmation to determine future direction of price.