BTC Broke Trendline Support

17 Ağu 2023

Bitcoin took a nice dump just after the stock market closed today, currently down -8%($2200) and was down -12%($3300) at one point from the daily opening price at 28.7k. Broke below trendline support, but held above horizontal support on the dip, bottom TDI indicator is showing price in oversold territory meaning we could see a bounce as traders buy the oversold conditions. Probably safe to say here that the uptrend in price we've seen this year is over though, likely will see some sideways action for a few days while traders figure out what they want to do(buy it higher or keep selling it lower). 24.7k horizontal support is the level I'm watching, if price moves below that horizontal support level then 20k is on the table which is where I'll exit my short trade and start buying again.