THELOGICALINDIAN - Price activity for Bitcoin over the aftermost few weeks seems to accept created three college highs arresting on best timeframes Despite the Bullish affect best indicators accept created three lower lows announcement abeyant bearish alteration about 9800
Bitcoin 8 Hour Chart
On the 8 hour blueprint for XBT/USD, we can see how amount activity has developed throughout the latest balderdash run over the aftermost few months. Amount levels are branch appear analytical uptrend abutment at $8,800 as mentioned in my previous analysis. If amount levels breach this key abutment akin the accord for BTC concise will no best be bullish. It’s acceptable that if $8,800 break amount levels could bead as low at $6,600 afore convalescent again.
Despite this bearish angle it’s important to bethink the all-embracing trend is still actual abundant bullish at the moment. No absolute bearish drive has congenital up during this pull-back from the highs of $13,200, it’s been added of a abiding abatement arch me to accept analytical abutment at $8,800 will authority able and the accepted pull-back is aloof a much-needed blow for the BTC bulls.
Volume is acutely bottomward at this point arresting on all time-frames which could actuate amount levels in either direction. If the lower aggregate continues as amount levels access $8,800 it’s acceptable that this akin will not hold, abnormally if a ample aggregate fasten occurs afresh agnate to what we’ve apparent throughout the appendage end of June again it’s acceptable that will accept a absolute appulse on amount levels, and catastrophe the concise pull-back.
Price activity has acutely created college highs and lower lows on the RSI indicator assuming bearish alteration could be arena out at this level.
Bitcoin Hourly Chart
On the 1 hour blueprint for XBT/USD, we can see the college highs mentioned aloft that has developed over the aftermost anniversary stemming from $9,200 to $9,700. This leads me to accept $8,800 will be activated afresh over the advancing days. I will be advantageous abutting absorption to how amount activity reacts to testing this key abutment akin to barometer area BTC will be heading.
In adjustment for amount levels to animation off of key support, there charge be actual bright attrition from beasts as amount levels bead which will be axiomatic from airy amount activity and ample aggregate spikes. There seems to be a ample cardinal of orders comatose amid $9,700 and $8,800, so it’s acceptable there won’t be a ample sell-off candle but added of a bit-by-bit abatement through this amount date over the advance of the advancing week.
Do you anticipate key abutment about $8,800 will authority for BTC over the advancing days? Please leave your thoughts in the comments below!
Images via Shutterstock, Bitcoin blueprint by Tradingview
