Trouble Just Below $10k

7 Mei 2018

Daily
Looking at our highest timeframe we see price has double top just below $10,000. Price looking to retrace towards our $9,000 zone, if price does not hold at this level expect a drop towards $8,250,-$8,300. SEC meeting is today and crypto-fundamentals destroy crypto technical analysis.


4Hour
Shifting over to our pattern timeframe we see price has been indecisive the last 7 hours, about 1 hour left on the 4hour candle and we seem to be at a pause @ $9,300 zone. Stochastic RSI showing momentum is bearish, price looking bearish as well, let’s take a closer look.


Hourly
Finally looking over at our trigger timeframe we see price is currently testing our hourly support. Lower high was formed $9,400, expecting a drop towards $9,000 zone. Stochastic RSI showing momentum is bullish, however price action is showing us otherwise.

Conclusion
Wait for daily support $9,000 or $8,250. Patience folks, we are still incredibly early into cryptocurrencies. We must not rush the process, but instead learn from it and enjoy it.