Bitcoin outlook negative despite a bounce in oversold conditions
|Bitcoin
Bitcoin outlook negative despite a bounce in oversold conditions. We are holding strong resistance at 8650/8750 & should turn lower. Holding below 8600 targets 8500 & 8350 before the low at 8210/00. A break lower is expected eventually targeting 7800 & the the most important of the week at 7550/7500. We should bounce off here on the first test to ease oversold conditions. I do not think this level will hold for ever though.
Strong resistance at 8650/8750 but shorts need stops above 8850. An unexpected break higher targets 8900/8950 & 9050, perhaps as far as 9180/9200, but look for a selling opportunity at 9250/9300.
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