Dip = Blip?

Good morning/afternoon/evening all! Unless you've been watch the drop in BTC perhaps...

Speaking of which! I think it's time for another look at the charts to see what's happening.

When I made a rare late post yesterday, things were still looking fairly strong on the short term chart, but sadly the support levels I talked about at that time failed to hold.

Despite the dip and the somewhat negative looking indicators on the shorter timeframe, the daily chart still looks pretty good!

Let's have a look:

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BTC/USD 2 Hour Charthttps://www.tradingview.com/x/85UdOpaW/

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Here's the 2 hour time span where we can clearly see the uptrend line now being breached.

The RSI and MACD are both on the bearish side here too, but we can see that on the 2 hourly frame, that there was an oversold bounce after the price plunged. Which could be a good sign moving forward.

I've also highlighed the last of the larger dips/drops to show that it looks pretty similar to the one we're currently experiencing now. Then, the the price fell from about $11,000 back to $10,000 before resuming upwards, and this time the number of $11,700 was reached before we retraced back to about $10,700.

Meanwhile on the daily chart:

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Daily BTC/USD Charthttps://invst.ly/6u6bv

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Things are still looking pretty good to me here, the RSI remains above that 50 level indicating strength, and the MACD is still bullish and continuing to advance.

For that reason, I remain bullish. But that doesn't mean we won't see a drop, or perhaps some unexpected FUD that sends the price down again.

Moving Forward

Look for the support at $10,700 to hold, but there are more strong looking levels below should it need them.

Resistance remains at the downtrend line. Let's hope it can make its way through it the next time it meets.

Thanks for viewing!

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Want more technical analysis and crypto related posts? See also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @lordoftruth, @masterthematrix, @cryptoheads, @tombort, @maarnio, @steemaze & @briggsy

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Not intended as investment, financial, or trading advice. For entertainment purposes only.