Bitcoin Chart Review and Update #12 ?

in bitcoin •  2 months ago 

Bitcoin chart review



BTC Chart Published By Philosof at TradingView

Comment: Bitcoin formed bearish engulfing after 7k resistance rejection. Last two 8H candles didn't bring any strength. Therefore I assume yesterday forecast for 6500 stay valid. Wick down to 6400 also possible on the same impulse move. But that pullback won't be bearish, unless price dump lower to 6200.



BTC got rejected from 6870 and dumped back to 6700 support (wick to 6650). On one hand it means there is support at 6700. On the other hand bears one that fight pushing price back down, so we may expect drop lower as well. Nearest strong SR zones marked on chart.



That is the point of maximum volume density now. Either breakout with volume pump or continue moving sideway with increasing chances for dump. Day candle at this price close to doji with lower volume, which also indicates soon move. Nearest strong support at 6420. Strong resistance at 7170.

Resistance: 6870 - 7170 - 7550 - 7800
Support: 6500 - 6420 - 6200 - 5800

P.S. SPX chart draw bear flag, Gold relatively bullish. Controversial.

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Fear & Greed index: 12 (<= 14 <= 14 <= 12 <= 12 <= 10)
BTC Dominance: 65.2% (<= 65.5 <= 65.3 <= 64.8 <= 65.3)
24h Volume: $120 billion (<= 150 <= 130 <= 106 <= 116 <= 108)


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