Market Alert Wed Nov 9, 5:45 AM EST BTC 18,050 - Text Update from Martee
Added 2022-11-09 17:32:40 +0000 UTCGood Morning All
Just a quick update:
We ran the stops from the lows of 17,600 from the June 18 candle.
My red lights are illuminated and flashing a warning signal.
BTC is currently oversold on my short-term indicators and should have a bounce from this level
Anytime a bottom is retested there is always a concern that the support will become the new resistance.
It's a little early for that but we are in a "warning area suggesting a possibility of more new lows in the days ahead.
If we do indeed head south I can only speculate on the depth of the move.
What I do feel is that it will be temporary and it could finally mark the end of this overextended bear market
Support lines below the 17,600 are located in the 14000-16000 range at the moment but until I get the initial hard break I cannot comment on a definitive support area as the velocity of the move will impact my new support numbers.
As of this hour, there is no significant damage done to the structure just a retest of the old bottom from June 18 and a warning signal that the current support area is under threat
Have a great day
Martee
