Heavy Overhead BTC Resistance and Impending MACD Death Cross
Heavy resistance at the rising trendline and a failure to hold the $9,000 level, combined with a bearish divergence on the MACD suggest that a retest of $6,000 to $6,500 is imminent. You can see that the price volume trend indicator shows that volume is confirming this price reversal and we are headed back down within the bearish channels we've been bouncing between.
Volume at $6,000 was substantial, so I would not be surprised if we in fact don't reach that level. I am setting my buys starting at $6,750 but will keep an eye on volume. If we are falling fast, I'm going to reset my buys for lower.
Volume at $6,000 was substantial, so I would not be surprised if we in fact don't reach that level. I am setting my buys starting at $6,750 but will keep an eye on volume. If we are falling fast, I'm going to reset my buys for lower.