Bitcoin Forum

Price remains range bound.

PRICE ACTION LEVELS
Resistances (same situation as yesterday) - Price is back to test the level of the intermediate resistance at $9.4k. Should price break above $9.4k the REAL test awaits at from $9.75-10k, which aligns with the .382 fib.

Supports (same situation as yesterday) - The previous support zone from the last updates has been washed out and made irrelevant, meaning price has entered and exited the zone without any real reaction, leading us to believe the next zone of support that could provide a real reaction is around $8.7-8.6k. Below $8.7-8.6k we see more support around $8k.

INDICATORS
Moving Averages (same situation as yesterday) - We saw the 200 EMA act as support for price on the daily chart. We are still wedged between the 200 EMA and 200 MA on the daily chart. A break above the 200 MA would be a boost of confidence in buyers and potentially create some FOMO to the upside.

Ichimoku Cloud (same situation as yesterday) - Price managed to break BACK above the kijun and the cloud on the daily chart yesterday. It is key for cloud metric based trades to the upside that we stay above these indicators. A bullish TK cross (blue line over the red line) would be the next step towards a sign of bullishness on the cloud, followed by a flip on the future cloud itself from red to green.

Oscillators - Looking at the daily time frame, we see the RSI heading back down below the historically bullish levels. This is showing underlying weakness in buyers on a larger time frame.

Conclusion
Price has still yet to break through any important levels, support OR resistance in the past week. If anything, it seems buyers are losing strength, based on oscillators and price action.

We have to be ready for any situation as traders. By using proper money management, we can benefit from the occurrence of any potential lower prices.
Just as a reminder––long term––we see Bitcoin reaching astronomical prices. In the event we see lower prices do not fear–-see it as an opportunity.
A break in the range, above resistance at $9.7k or below support at $8.7k, will be indicative of the next chapter in Bitcoin's price.

Twitter: @BoomerCapital
Web: boomerangcapital.org

last days it tried to break the 9.7k support but unfortunately it didn`t succeeded to do so and I believe if it can`t succeed now to break it btc will probably go below the resistance level which is 8.7k as you mentioned.

I don't think so, currently we are still at the beginning of the week. Even though at now the price still going down to level 8.9k. I think it's still has chances to break 10k$ support. People will get into market when Tuesday/Wednesday market open, and it should be end with good recovery before this week over.