This is my first ever chart published on TradingView, so please go easy on me! And if you like my analysis any support would be greatly appreciated! =)
So looking at the charts we can see the price has once again failed to break through the upper resistance trend line. This line was formed from around $17,100 to ~$11,700 and finally our last failure to break at around $11,100.
As you can see in the chart, the last time it failed to get above this resistance line, a big drop followed. I believe we will see a similar pattern emerge.
The other indication of a drop is a bearish divergence that has formed. The last bearish divergence occurred around the $11,700 range and now we are seeing it again at the $11,100 range. You can see in both areas, the price formed higher highs while the RSI formed lower highs.
Overall, I see the price moving down about the same percentage as the last drop which will take us around the $8,500-8,400 range.
But first there will most likely be a small bounce off $9,400 as this is a strong support area before further falling down around $8400. It is possible we fall even further down to our next support (around $7400) but for now I am going to keep my eye on $8400 and prepare for my next move.
If you liked this idea, please show me some support.
Thank you all very much!
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Well it appears the dip was very short-lived as BTC tried once again to surpass that upper resistance line. Right as it crossed above, it initially looked like a false breakout and a return to below the line which is why I kept the trade open. But Bitcoin is very strong right now, and we are officially out of the bear market!
With that said, I still believe we will see a small dip once bitcoin tries to break the strong resistance at 11.8k and I will post a new idea to reflect this. But the dip will most likely be another small, short-lived dip as BTC refuels for its next move up!
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Okay so my call for a drop was 1 week too soon, that rally up was very unexpected. I'm still more than happy with my original call and almost all my targets have been hit!
@yshashmi37, I think 8.4k is firmly in place here based on my analysis above. I can't accurately predict what will happen after that price, but I will be sure to update this analysis as we move along!