BTC/USD 1D 10k BTC Incoming!

The long term trend is showing a lot of bearish signals we are expected to hit $10,000 over the next few weeks. We have a strong rejection multiply times off the descending trendline starting from the top out of the bull run failing to maintain any true support and blasting through any existing support on top of that we have both the 50 EMA and 100 EMA being a strong resistance for the current trend with price unable to break or maintain above those levels. Due to the heavy support around the $20,000 level its starting to form a flat bottom overall creating a descending triangle showing the possibility of more downward movement towards $10,000 with heavy support at the $10,785 level which the fib-extension is currently displaying.


Not advice etc

Commentaire:

With slight adjustments made to the fib extension it's expected heavier support closer to the 9.2k level. It's fair to say support will be in-between a range of $9000-$10000, $10000 being the stronger support due to such a strong phycological barrier at this level while also having very strong support on the chart and books (Very much like how $20000 has been).

More to come as the weeks progress.