Pretty textbook for BTC. We've been watching this support box since September as a critical area around 7400-7750. BTC tested it in late October and got the tremendous bounce.
From there I did not want to see a re-test of the same area as odds just not in favor of the support holding again. Last chart I discussed the glass table and we jumped on it, it held support but if we keep jumping its likely to cave.
We saw the bounce again off of it yesterday and then on the next bounce, it shattered and sent price down under $7000. We are seeing a nice bounce from our low today of $6775 and into the lower $7000's.
I am now watching for our 7400-7750 box to potentially serve as resistance. Prior support often becomes future resistance. Similar to our original triangle breakdown from a couple months ago.
Otherwise just continued lower highs and lower lows for BTC and price is oversold pretty much across all time frames. We may see some "cooling off" where bears take a break and let RSI and EMAs start to recover some before the attempt yet another lower low. Until bulls can shift the trend and get above 4 hour EMAs and start higher highs and higher lows, it's a very bearish outlook still.
Just My 2 Sats!
From there I did not want to see a re-test of the same area as odds just not in favor of the support holding again. Last chart I discussed the glass table and we jumped on it, it held support but if we keep jumping its likely to cave.
We saw the bounce again off of it yesterday and then on the next bounce, it shattered and sent price down under $7000. We are seeing a nice bounce from our low today of $6775 and into the lower $7000's.
I am now watching for our 7400-7750 box to potentially serve as resistance. Prior support often becomes future resistance. Similar to our original triangle breakdown from a couple months ago.
Otherwise just continued lower highs and lower lows for BTC and price is oversold pretty much across all time frames. We may see some "cooling off" where bears take a break and let RSI and EMAs start to recover some before the attempt yet another lower low. Until bulls can shift the trend and get above 4 hour EMAs and start higher highs and higher lows, it's a very bearish outlook still.
Just My 2 Sats!
