There isn't any obvious support in the area that we're in. The price previously went as low as 822 so we will have to see if it reaches that price again. If it does hit the 820's and bounce back up, that would be a good indication of support. I've drawn in channel lines showing the most recent trend. We will continue to trade down until we break the upper channel. The rsi
is currently in oversold territory. Anytime the rsi
is oversold or overbought, a price reversal usually follows. Bitcoin
has been bullish
all day. When btc
makes a run altcoins generally fall. That's the nature of this market and it's important to keep that in mind while making your trades. Once btc
cools down we will most likely see lend recover. On our way back up, watch out for the 55 and 200 ema
as they will act as resistance. If you look to the left side of the chart you will see that I've circled a few candles. Notice how the wick of each candle is significantly higher than the body. This implies that there was struggle to get above the ema's. When trading across the ema's we first want to close above it. Then we want to bounce off of it to confirm support. So that's something we will look for if we see the price trend up.