Bitcoin moved into the resistance area, rejected it and has moved down. Will it reject the new support and move up or continue its downward path? Also, the Nasdaq is poised this morning for a retracement
Earlier in the week, I did a video showing that Bitcoin was likely to move up but had a lot of overhead resistance and these areas should be watched very closely. As I expected, the resistance areas held and Bitcoin came down. It has formed an area of potential support at 3812.6 with the Stochastics being oversold on the 60 minute chart. A move to the upside is likely as it searches for a place of resistance.
Nasdaq Retracement Likely
An upward move on the Nasdaq is likely in the coming days as the Stochastics is oversold and a potential bullish bar is developing. We could see a retracement up to the 38.2, 50 or 61.8 Fibonacci line. However, news out of Washington this morning is that the administration is unhappy with the Treasury Secretary’s handling of the markets, as well as the administration’s frustration with the Fed Chairman Powell. Another tweet storm, in addition to government shutdown continuation, could push the markets lower regardless of the Stochastics status.