At the start of Monday new news came out giving mix signals across the market, yet was bitcoin going to go down no matter what? I talked about the 9k put options that didn't come out on friday, yet at current price action it looks like 9k may not be a fantasy.
News
-Covid cases on the rise in Europe (what happens when you make fun of the United States...Karma sucks)
TA
-Now this graph is zoomed out and you can see my madness in my lines with the many support. At current levels we are in a make or break point and if bulls can't hold downward movement is very likely.
-Now if this is a bear flag or pennant we can suspect prices to go range bond at 9686.89-9787.66, yet being so close to closing the cme gap we could price target at 9563.72. In return this would finish the last wick to the elliot wave from my CME graph idea.
-Current levels RSI is on the rise, yet it is normal after yesterdays massive move, so a slight pull back might happen even if we come out bullish
-Sell volume outweighs the buy volume
-MACD is still bullish and rising with no crossover in sight
-VPVR levels are built up slightly at our top of the red zone at 10389.92
-You can see two dotted lines coming across, which both have acted as downward "slides" in describing them, which cause resistance and support going lower. The meaning of "Slides" is basically falling price action is a best way to describe those lines.
-If bitcoin bulls want to regain control, they would need higher buy volume and hold above 10533.73 and gain grounds at 10488.12
Final thoughts
Its very risky in the price action, yet I do lean bearish just based on past market history. How low we can go isn't shown yet, but I have seen price calls lower than 9k at the range of 5k-7k. That would be about over a 40-50% lost from the 11k-12k range. From 11k/12k high to 10k, that was about a 21% correction, so with the recent high at 11155, a 21% drop would give us the range of 9k-8.9k. Again if we go sub 9k you buy.
News
-Covid cases on the rise in Europe (what happens when you make fun of the United States...Karma sucks)
TA
-Now this graph is zoomed out and you can see my madness in my lines with the many support. At current levels we are in a make or break point and if bulls can't hold downward movement is very likely.
-Now if this is a bear flag or pennant we can suspect prices to go range bond at 9686.89-9787.66, yet being so close to closing the cme gap we could price target at 9563.72. In return this would finish the last wick to the elliot wave from my CME graph idea.
-Current levels RSI is on the rise, yet it is normal after yesterdays massive move, so a slight pull back might happen even if we come out bullish
-Sell volume outweighs the buy volume
-MACD is still bullish and rising with no crossover in sight
-VPVR levels are built up slightly at our top of the red zone at 10389.92
-You can see two dotted lines coming across, which both have acted as downward "slides" in describing them, which cause resistance and support going lower. The meaning of "Slides" is basically falling price action is a best way to describe those lines.
-If bitcoin bulls want to regain control, they would need higher buy volume and hold above 10533.73 and gain grounds at 10488.12
Final thoughts
Its very risky in the price action, yet I do lean bearish just based on past market history. How low we can go isn't shown yet, but I have seen price calls lower than 9k at the range of 5k-7k. That would be about over a 40-50% lost from the 11k-12k range. From 11k/12k high to 10k, that was about a 21% correction, so with the recent high at 11155, a 21% drop would give us the range of 9k-8.9k. Again if we go sub 9k you buy.
