7 March Bitcoin Market Indicating Neutral Pattern
The long term support line formed since the February low ($6000) has been breached downwards. Now it seems like the line above has turned resistance. This is a no trade zone for me because the 1D Stochastic RSI is still pointing bearish meaning it could target 10,200. However, the 4H RSI though is turning bullish. This indicates a short term revival but I would not expect the price to move above 11,700. Having found support at 10,500, the next 'big' resistance to break would be the psychological barrier of 11,000. I am skeptical but not impossible that it will hit above 11,500. This zone seems risky to me.
No trade. Unless you want to short.