BITCOIN Bulls Tease Once Again -- Prices To Test $6,800 support
Bitcoin bulls fake out once again. The pattern was looking great until middle of the night/early morning when bears stepping in and took over with minimal effort.
Now, prices are on their way to test the $6,800 support level. This level should provide a big bounce zone for the bulls to step in.
What's also significant about the $6,800 level is that it will make a higher low on RSI with a lower low in price. This is the sign we look for in a bounce reversal and is a sign that heavily favors bulls to step in. Because this level is so supportive, this should be the area we are looking for.
If prices manage to fail to find support here at this level, that is a huge bear sign and I'd be expecting a new lower low with the hope for a trend reversal to fail.
Keep in mind, we haven't announced the ETF scenario yet. If this get announced negative, we will see prices tank even further.
My initial prediction at the beginning of the year was that BTC would test $5k this year. If the ETF announcement is negative, I'd expect that prediction to come to fruition before too long.
Hope you all had a good weekend!! Let's hope $6,800 is our target for a longer bounce and will make the higher low on the daily and weekly -- hopes would still be alive for an uptrend.
Thanks very much for the solid information ,
cheers! thanks!
Always nice a good TA :) good job bro. Now let's see if it can actually hit 6.8k.
thanks so much. yea it will for sure. no doubt at this point....question is, is how well it will hold. It was a HUGE resistance on the way up and formed the neck to the reverse head and shoulders. It should at least bounce, especially with how the RSI levels will be. Ideally this will be the bottom for a higher low and we will have bulls take prices above $8,500.