The end of the C wave from Wave 2 at $ 6,500 resulted in the price above the short-term trend line and the $ 7,500 test, which was then stamped. Currently, this level is a support for the price.
The rally on the increased volume ($ 1,000 an hour exchange 30k of BTC contracts) caused the price to reach the local resistance level at $ 8,265. This level is the last technical resistance against 38% Fibo at $ 8,438.
Nevertheless, the more important technical resistance, the overcoming of which opens the way above the level of $ 10k, is the level of 50% Fibo to $ 9,058 and lying down the technical resistance zone at $ 9,222.
Overcoming these two zones will be a good prognosis for further increases.
Comment
⋅
Consolidation phase now, but the technical support at the level of $7,506 must hold the supply pressure in order for Bitcoin to rally higher.
Comment
⋅
This is developing by the book: one more small sub-wave to the downside needed.
@bahmani, Never apply RSI during chart patterns/consolidation/distribution/sideways. From the RSI, we can clearly see that it hold the resistance level above 60-70 RSI. I hope I am clear on this. See you buddy
petrkovacik
⋅
@bahmani, you are right, but at the same time there is hidden bullish divergence saying that although there is a bearish divergence it will rise again in the next period.
wsbza
⋅
flat is a sideways correction and wave B of a flat normally has a deep retracement tendency.
Robertus
⋅
But that looks like a rising wedge? Do you think it will Hold? It seems like a giant bull trap about to collapse.