Good afternoon everyone. Yesterday started to give everyone a little hope in a reversal of the market... but it was quickly denied and now we are pretty much back to where we started before that. Except this time, its looking like we could go lower.
Short term, we are in a decsending channel, pretty much just waiting to break out in either direction. If we continue at this rate, it is most likely looking towards going lower. We will need to break $116 to get our first new lower low. Our first key support will be at $114. If we want to continue in this channel, we will need to see a bounce off the support, with no candles closing below it.
Short term, our current resistance is at about $119. That will confirm pattern of lower highs and possibly confirm a chance of going lower. If buying pressure is there, then our next goal will be at about $123.
If we do manage to break down out of the channel, then a possible test of $110 could happen. This is key because this is where we were before we had the little bull run we just saw. Also, we have not seen sub $110 for a while now so its possible when other see this they might panic.
This bear market has been rough, and I hope everyone is holding strong or taking advantage of the dip. If I had the funds, I would be buying at these levels. I hope no one has fully given up on crypto or is on the verge of it.
Please check out my previous day TA's and like/follow if you would like to stay up to date with the TA's that I post. I will update this if I notice our first support (A) or key support (B) is broken.
Short term, we are in a decsending channel, pretty much just waiting to break out in either direction. If we continue at this rate, it is most likely looking towards going lower. We will need to break $116 to get our first new lower low. Our first key support will be at $114. If we want to continue in this channel, we will need to see a bounce off the support, with no candles closing below it.
Short term, our current resistance is at about $119. That will confirm pattern of lower highs and possibly confirm a chance of going lower. If buying pressure is there, then our next goal will be at about $123.
If we do manage to break down out of the channel, then a possible test of $110 could happen. This is key because this is where we were before we had the little bull run we just saw. Also, we have not seen sub $110 for a while now so its possible when other see this they might panic.
This bear market has been rough, and I hope everyone is holding strong or taking advantage of the dip. If I had the funds, I would be buying at these levels. I hope no one has fully given up on crypto or is on the verge of it.
Please check out my previous day TA's and like/follow if you would like to stay up to date with the TA's that I post. I will update this if I notice our first support (A) or key support (B) is broken.
