Bounce coming in at our first zone of support from $8.9-$9.2k
PRICE ACTION LEVELS
Resistances - Price was promptly rejected at the .382 fib level at $9.75k we had outlined, sending price back below the $9.4k level of support, making this our immediate resistance. Above that we will keep our target on breaking above $9.75-10k and the .382 fib level.
Supports - At the moment we are bouncing from $8.9-9.2k zone of support, in confluence with the .5 fib. Below this level we support at $8.6-8.4k that also lines up with the .618 fib level.
Moving Averages - The ever important 200 MA on the daily chart is now lined up with a zone of resistance we have from $9.8-10k. A break above this would be huge for bullish confidence. We also now see the 200 EMA acting as support as prince pinballs between these two indicators.
Ichimoku Cloud - The 4H cloud has provided perfect bounce support off the kijun. We will see if this holds...
Oscillators - The daily RSI remains above the zone we have highlighted in the past confirming bullish movement. More interesting though is the 4H hidden bullish divergence right at support. Price is making higher lows while the RSI is making lower lows.
Conclusion
Price was rejected with force at $9.75k and the .382 fib. After such an incredible run in the past few days, this is not a big deal. We are surprised we did not see a pullback even sooner than today.
On the higher time frame we have needed to post a higher low after making a higher high above $9.2k. Continued upside still remains probable
Twitter: @BoomerCapital
Website: boomerangcapital.org
Hello! Indeed, the value of Bitcoin will definitely grow. Many specialists predict a touch of at least 25,000 USD in the next two, three months. We, as traders/investors, have to be patient and
very well informed about the daily changes in the market.
