Hello traders,
Here's an update on BTC in 8-hour timeframe.
After reaching a high of $66.5k, BTC saw a 10% rejection. Currently, it is trading below the 100 EMA, and unless BTC breaks and closes above the 100 EMA, the bearish trend will likely continue.
It will be interesting to see whether BTC makes a comeback or rejects further down to $54k.
The RSI is nearing the oversold zone, which could signal a rebound, but let’s remain cautious. As seen in the chart, the RSI was previously near the oversold zone, leading to a rebound, but it eventually dropped by 14%.
The only way this drop will be invalidated is if BTC breaks above the 100 EMA. Let’s hope for the best and stay cautious.
Not financial advice.
Here's an update on BTC in 8-hour timeframe.
After reaching a high of $66.5k, BTC saw a 10% rejection. Currently, it is trading below the 100 EMA, and unless BTC breaks and closes above the 100 EMA, the bearish trend will likely continue.
It will be interesting to see whether BTC makes a comeback or rejects further down to $54k.
The RSI is nearing the oversold zone, which could signal a rebound, but let’s remain cautious. As seen in the chart, the RSI was previously near the oversold zone, leading to a rebound, but it eventually dropped by 14%.
The only way this drop will be invalidated is if BTC breaks above the 100 EMA. Let’s hope for the best and stay cautious.
Not financial advice.
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