Quick update on the Bitcoin market versus the US Dollar.
We can see that the price action above $9000 pushed us to about $9600 before we saw the sellers stepping in.
Both of the indicators confirm the current selling momentum, however it is important to note the RSI is still above 50 on the 4hr candles and the PPO indicator is still in the positive.
It is normal to see a correction after a good bullish run in any market, I am looking towards $8800 – $9000 for shorter term support.
Like I mentioned in the previous report, it will be wise to follow the trend until a reversal is confirmed.
A word from the eternal bear, should we fail to consolidate above $8800 going into the weekend we could revisit the previous support zones between $6800 – $8000.