BTC/USDT Bearish(?) Analysis
This analysis is fairly similar to yesterday's as we didn't see much movement in any direction yesterday. This may continue for a while, but it looks like we've tested resistance at ~9580 three times now, each of which has been rejected. Every time the price has tried to test the 9850 resistance selling pressure has immediately dragged the price down, which could be a sign that overall sentiment is in favor of a downtrend.
As I'm typing this we are testing the 9400 support. If we drop under 9375 or so I can see the price dropping all the way down to 9300.
I wouldn't be surprised if we bounce off this 9400 support and try and pump all the way up to near 9500. Though, if this happens we can expect to see a sharp decrease in price as pullback from a sharp increase. According to the Stoch oscillator we are headed toward oversold territory, and if we do end up there, a big pump to the 9500 seems pretty reasonable.
The market has been pretty stagnant for the last few days, so it's honestly hard to say, but overall I think we are looking at bearish signals.
As I'm typing this we are testing the 9400 support. If we drop under 9375 or so I can see the price dropping all the way down to 9300.
I wouldn't be surprised if we bounce off this 9400 support and try and pump all the way up to near 9500. Though, if this happens we can expect to see a sharp decrease in price as pullback from a sharp increase. According to the Stoch oscillator we are headed toward oversold territory, and if we do end up there, a big pump to the 9500 seems pretty reasonable.
The market has been pretty stagnant for the last few days, so it's honestly hard to say, but overall I think we are looking at bearish signals.
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