Bitcoin broke down before rebounding. However, there's no real follow-through on the bounce and is hitting Exponential Resistance. I expect another leg to the downside with $7k being the next zone. (Daily)
However, on the Weekly Chart volume is still not too bad. This upcoming Weekly candle will determine what Bitcoin does imo. Will it push back up to test previous highs? Or are we breaking down? I'm still leaning short term bearish.
First target to buy for me will be at $7200 and will DCA my way down to $6k just in case the Bear Volume picks up and we breach $8991 which is the 10 EMA on the Weekly. A breach of that would result in the EMA becoming support turned resistance.
I picked $7.2k because I measured from the top of the move to the farthest it's pulled back recently and it was around a -34% move. Then I measured from the top of the bounce to -34% and got $7.2k.
However, on the Weekly Chart volume is still not too bad. This upcoming Weekly candle will determine what Bitcoin does imo. Will it push back up to test previous highs? Or are we breaking down? I'm still leaning short term bearish.
First target to buy for me will be at $7200 and will DCA my way down to $6k just in case the Bear Volume picks up and we breach $8991 which is the 10 EMA on the Weekly. A breach of that would result in the EMA becoming support turned resistance.
I picked $7.2k because I measured from the top of the move to the farthest it's pulled back recently and it was around a -34% move. Then I measured from the top of the bounce to -34% and got $7.2k.