Btc going down after 8500$ ?
I didn't post in a long time but since we might come up to an important level and i didn't see this version on other TA, it might be of use .
Bearish view and argument:
8500$ is a very important number.
It's where the price meets the 200 day (MA) witch already acted as resistance and support 3 times in the past.
If you count Elliot waves on the daily chart form 5800$, 8500$ could be counted as either wave 5 of 5 or wave 5 of 3 ( no matter how you count, there is a pullback after)
The daily rsi is overbought.
In the past we had double top's as a reacuring theme (price action likes fractals and repeats them) .
If the price does stop there, it would be the 4th lower low 16.000 - 11.500- 10.000- 8500.
Bear markets ( and we still are in a bear market ) don't usualy last just 7 mounts.
All those factors could indicate a possible reversal or just a correction on the way up to 10.000 . I would love for the price to keep going up and the bear market to be over but i also have to be a realist. Right now 8500$ is more important then the 11500$ level.
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Bullish view
There is more then one count possible , it is also possible to count this wave as an wave 5 of wave 3. In witch case we will pass the 200 day MA and go for 8800 range (this is the more "popular view" )
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I hope this helps. And remember this is just 1 opinion, a possible pathway among many ( it's good to bee aware of all possible pathways, price will confirm them or NOT, but being aware never hurts ). Myself until we are passed the 200 day MA with a clean brake i will only trade small positions with tight stop loss.