BTC - Current State of the Dip
In our last few posts we were expecting to have a drop before reaching 100k.
We also correctly identified the slowing momentum on the 2H before the large drop.
Now that that has started to play out we can analyze if now is the right time to buy. We were outlining 2 major areas of support. $93.3-93.6k (previous old resistance that could now act as new support) and the psychological 90k level.
So far we have seen a low of the candle bodies respect the 93k level even with the dip to 91.4k. Watching the lowertimeframes there are two more keen price levels for BTC in between our support box. Those levels are 91.4k and 92.6k.
We have broken our upwards sloping trendline so any move back to the upside watch for a test of that level. That level should act as old support flipped into a new selling level so be cautious. If we can reclaim that trendline price should easily be able to breach 100k this time.
Also on the 2H timeframe we are starting to form a bullish divergence. This is when price creates a lower low but our strength index creates a higher high. This is showing early signs of demand around these levels.
If oversold levels can hold here on the 2H then we should be able to see a pump back to the trendline.
We also correctly identified the slowing momentum on the 2H before the large drop.
Now that that has started to play out we can analyze if now is the right time to buy. We were outlining 2 major areas of support. $93.3-93.6k (previous old resistance that could now act as new support) and the psychological 90k level.
So far we have seen a low of the candle bodies respect the 93k level even with the dip to 91.4k. Watching the lowertimeframes there are two more keen price levels for BTC in between our support box. Those levels are 91.4k and 92.6k.
We have broken our upwards sloping trendline so any move back to the upside watch for a test of that level. That level should act as old support flipped into a new selling level so be cautious. If we can reclaim that trendline price should easily be able to breach 100k this time.
Also on the 2H timeframe we are starting to form a bullish divergence. This is when price creates a lower low but our strength index creates a higher high. This is showing early signs of demand around these levels.
If oversold levels can hold here on the 2H then we should be able to see a pump back to the trendline.
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