BITCOIN Resistance And Support LevelssteemCreated with Sketch.

in #bitcoin5 years ago

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Hello everyone! Just wanted to make a little post on some of the current levels since I probably don't do that often enough.

Cryptos are slightly pulling back on the short scale, but volumes are small on this short scale.

The move has been overall all to the upside without a solid longer test of supports here. So, we can figure this is likely coming. Daily RSI is still in the low 80's, although has pulled back some since being in the 87's yesterday. This is still a sign of a lot of overbought action.

Prices have shot up way above the EMA bands on the daily, so there will definitely need to be a test. If this should happen soon, we will likely see the $4,800 level being the point where prices match with price-level and EMA support. I'd assume this will be a strong support level where bulls would need to take prices above the double top at $5,345.

Stochastic RSI and CCI are also rolled over from the top and showing bear pressure. I think from here, the bears are favored to see a pullback and test of support.

Volume peaks have already come in, so I think price level peaks are in.

Hope you're all having a great Tuesday!!

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Thanks for posting todays update

thanks so much!

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