BTCUSD; Piercing Pattern
This coin shows the bearish short-term pattern of lower highs and lows and has just posted another lower low. The chart shows a piercing pattern however, a bottom signal. Bull's task will be to follow up on that today.
Note that in a wider view this market could be searching for a higher low and with the market almost touching the last Fibonacci level (61.8%, 7800) bulls have to show something.
Watch the downtrendline for first resistance around 8450 today. A break above can lead to a return to the Bollinger Bands midline against 8900, also where the latest lower high resides. To end the current correction bulls must break above this resistance to end the lower highs/lower lows string.
8050 could see some support today while 7800 seems more critical.
Note that in a wider view this market could be searching for a higher low and with the market almost touching the last Fibonacci level (61.8%, 7800) bulls have to show something.
Watch the downtrendline for first resistance around 8450 today. A break above can lead to a return to the Bollinger Bands midline against 8900, also where the latest lower high resides. To end the current correction bulls must break above this resistance to end the lower highs/lower lows string.
8050 could see some support today while 7800 seems more critical.
כתב ויתור
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