Looking at the 4H chart there are significant areas of support/resistance at (+/- 25 BTC):
It looks like we may be on our way to retest 9.2k, but that's a major hill to climb in a downtrend. If the price continues to fall, I think we have room to fall all the way to ~8.6k which is near the 1 Day 144 WMA. This will act as support, and I expect the price to sit there for a bit. There are bound to be a few trapped long-term traders at that price point who are looking to break even.
The daily candle low is currently at 9.03k. If the the daily closes below 9.0k, it could be a signal for bearish price action tomorrow.
- 9.75k
- 9.20k
- 8.90k
- 8.67k
It looks like we may be on our way to retest 9.2k, but that's a major hill to climb in a downtrend. If the price continues to fall, I think we have room to fall all the way to ~8.6k which is near the 1 Day 144 WMA. This will act as support, and I expect the price to sit there for a bit. There are bound to be a few trapped long-term traders at that price point who are looking to break even.
The daily candle low is currently at 9.03k. If the the daily closes below 9.0k, it could be a signal for bearish price action tomorrow.
