BTC/USDT - Possible Bounce?
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The 4-hour chart for BTC/USDT on Bittrex is showing some interesting characteristics. Based on the Fibonacci retracement, we could see a bounce from either the 0.382 or the 0.5 lines, with the 0.5 appearing more favorable due to the previous strong resistance at $9,000 becoming support in this case. This means we could see further drops to somewhere between $8,800 and $9,200.
Another indicator that we may see further drops is the volume is now diminishing, and with the previous bearish divergence signaling the trend reversal, we could see the RSI showing an oversold indication around the $9,000 mark, corroborating the Fibonacci retracement. If BTC continues down through the $9,000 mark with strong selling pressure, I think we will see the rebound around the $8,200 point, but not likely to go all the way down to the 200-day MA, which would be near $6,400. I have plotted the 200-day MA on this chart for reference, adjusted for the 4-hour chart.
DISCLAIMER: I am not a professional trader, and as such, this chart should not be considered financial advice. Please do your own research on this topic, and do not take my statements as fact at face value. Any action you take from my opinion is your own choice, and you understand you cannot hold me liable for any losses you may incur. Please trade responsibly.
If anyone is interested in the use of ProfitTrailer, please see my YouTube channel at youtube.com/c/RFRadio. Happy Trading!
Another indicator that we may see further drops is the volume is now diminishing, and with the previous bearish divergence signaling the trend reversal, we could see the RSI showing an oversold indication around the $9,000 mark, corroborating the Fibonacci retracement. If BTC continues down through the $9,000 mark with strong selling pressure, I think we will see the rebound around the $8,200 point, but not likely to go all the way down to the 200-day MA, which would be near $6,400. I have plotted the 200-day MA on this chart for reference, adjusted for the 4-hour chart.
DISCLAIMER: I am not a professional trader, and as such, this chart should not be considered financial advice. Please do your own research on this topic, and do not take my statements as fact at face value. Any action you take from my opinion is your own choice, and you understand you cannot hold me liable for any losses you may incur. Please trade responsibly.
If anyone is interested in the use of ProfitTrailer, please see my YouTube channel at youtube.com/c/RFRadio. Happy Trading!
Note
With the short-term trend still bearish on the 4-hour chart, I think we still might see lows around $8,800 to $9,200. Keeping track of the price, we may see this happen by either Sunday or Monday, barring any big moves up or down.
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