BTC still in upward trend.
With this, we reached all time high around 7900, it was a matter of time that a correction to happen. For now, BCH was the catalyst for the correction. This is still a healthy correction. We have to remember that a month ago, we were at the 5000's level. It had to correct.
Possible scenario:
1. support at 5600 maintains, this would cause a bullish action and try to test resistance at 7900
2. breaks support then moves to 5000, this creates a a great buy opportunity and try to test resistance at 5600 levels and higher
3. market goes bearish and moves to the lower trend line.
***if resistance at 7900 is broken, it possible for a 10K all time high, but this will depend on how strong the supports are.
***as of now, moving average would also act as resistance levels. 50 day average matches with the support line. however, the 21 day average will act as a resistance at 6500. if this is broken, we can confirm a bullish indication
*** STOCH RSI indicates as well market is oversold, bullish indication.
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Please do comment if you have any opinions regarding my analysis.
With this, we reached all time high around 7900, it was a matter of time that a correction to happen. For now, BCH was the catalyst for the correction. This is still a healthy correction. We have to remember that a month ago, we were at the 5000's level. It had to correct.
Possible scenario:
1. support at 5600 maintains, this would cause a bullish action and try to test resistance at 7900
2. breaks support then moves to 5000, this creates a a great buy opportunity and try to test resistance at 5600 levels and higher
3. market goes bearish and moves to the lower trend line.
***if resistance at 7900 is broken, it possible for a 10K all time high, but this will depend on how strong the supports are.
***as of now, moving average would also act as resistance levels. 50 day average matches with the support line. however, the 21 day average will act as a resistance at 6500. if this is broken, we can confirm a bullish indication
*** STOCH RSI indicates as well market is oversold, bullish indication.
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Please do comment if you have any opinions regarding my analysis.