Things to consider at this price level..
Hi Guys
First of all I hope everyone is doing safe and well.
Like my titel already describes, there are some things to consider at this price level.
- Fib. extention;
- Moving averages;
- VPVR;
- Rising wedge pattern;
- RSI
If we take a look at the Fibonacci's.
We are coming right up to the 0.618 (golden) Fibonacci extention coming from the bottom of $4000 to the macro top at $14.780.
This level sits around the $8010 level.
Right above us we have some strong very signifigant moving averages being the 100 D SMA and 200 D SMA both at the $7980 and $7990 level.
Currently we are sitting just above the 20 W SMA at $8780.
Important to consider is the VPVR (Volume per Volume range) which has its peak right at the $8000 level. This tells us that the amount of volume at this price range is massive. If we go back to the previous times that BTC has been around this price level we can see that since november of 2017 the current price range of $8000 has been providing a lot of support and resistances. Right now we are coming from the downside testing it as resistance once again.
keep in mind that after a harsh dump like we saw a few weeks ago, a V-shape correction right back up is not the thing we want to see.
Also keep in mind that the correction pattern we are forming right now is in my opinion a rising wedge which in basis is a bearish pattern.
My bias is pretty bearish at this point, however I still see the possibility for a climb up to the top resistance level of this rising wedge in the coming days to about $8100. I expect a harsh rejection after reaching the top resistance level.
Unless this resistance line gets broken and BTC manages to close a minimum 4H to a 1D candle above it I might turn bullish short term.
One last thing is the RSI on the daily which is creeping right up to the oversold territory. BTC has a tendancy to dump right after it reaches oversold conditions. This could mean a retest of the bottom support level of the rising wedge to about $7300 - 7400.
Stay safe and happy trading!
First of all I hope everyone is doing safe and well.
Like my titel already describes, there are some things to consider at this price level.
- Fib. extention;
- Moving averages;
- VPVR;
- Rising wedge pattern;
- RSI
If we take a look at the Fibonacci's.
We are coming right up to the 0.618 (golden) Fibonacci extention coming from the bottom of $4000 to the macro top at $14.780.
This level sits around the $8010 level.
Right above us we have some strong very signifigant moving averages being the 100 D SMA and 200 D SMA both at the $7980 and $7990 level.
Currently we are sitting just above the 20 W SMA at $8780.
Important to consider is the VPVR (Volume per Volume range) which has its peak right at the $8000 level. This tells us that the amount of volume at this price range is massive. If we go back to the previous times that BTC has been around this price level we can see that since november of 2017 the current price range of $8000 has been providing a lot of support and resistances. Right now we are coming from the downside testing it as resistance once again.
keep in mind that after a harsh dump like we saw a few weeks ago, a V-shape correction right back up is not the thing we want to see.
Also keep in mind that the correction pattern we are forming right now is in my opinion a rising wedge which in basis is a bearish pattern.
My bias is pretty bearish at this point, however I still see the possibility for a climb up to the top resistance level of this rising wedge in the coming days to about $8100. I expect a harsh rejection after reaching the top resistance level.
Unless this resistance line gets broken and BTC manages to close a minimum 4H to a 1D candle above it I might turn bullish short term.
One last thing is the RSI on the daily which is creeping right up to the oversold territory. BTC has a tendancy to dump right after it reaches oversold conditions. This could mean a retest of the bottom support level of the rising wedge to about $7300 - 7400.
Stay safe and happy trading!
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