Next couple days will be interesting for BTCUSD. After getting close to $6200, we saw some bearish divergence on various indicators such as MACD and RSI which hinted at the pullback it's currently on.
Some things to consider right now:
* It's sitting above an ascending trend line that started in mid September
* Currently finding support on the 23% fib
* We recently saw a weak bearish TK cross on the ichimoku cloud system
* In addition to the trend line, it's also finding support on the cloud itself
I personally don't expect it to blow below the trend line without at least crawling up it for a bit. If we break below it, look for support along the fib levels. 50%, for example, would be near ~$4590. If we bounce up from the trend line, expect some more resistance near 6k and $6200.
Some things to consider right now:
* It's sitting above an ascending trend line that started in mid September
* Currently finding support on the 23% fib
* We recently saw a weak bearish TK cross on the ichimoku cloud system
* In addition to the trend line, it's also finding support on the cloud itself
I personally don't expect it to blow below the trend line without at least crawling up it for a bit. If we break below it, look for support along the fib levels. 50%, for example, would be near ~$4590. If we bounce up from the trend line, expect some more resistance near 6k and $6200.
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Ended up bouncing. 6k and 6200 beyond that will be interesting.
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May be coming down to test the ascending support line in the next day or so.