Hello guys, it's been a while I actually gave updates. I have been busy lately but I decided to drop one today. Please bare with me as I have alot of things to tidy up. I promise to resume giving constant updates soon. I actually did a top down analysis on BTC stating most confluences I have seen on chart using just pure price action. So follow the thread cause it might help in your investment decisions. Here we go,
Comment:
On the 4 hour timeframe after price had broken and retesting the down trending resistance line, it proceeded to break the structured swing high and currently moving towards the daily swing high area which was identified on the daily. RSI currently at 70 mark resistance too. Could there be a slight pull back?
On the 4 hour timeframe after price had broken and retesting the down trending resistance line, it proceeded to break the structured swing high and currently moving towards the daily swing high area which was identified on the daily. RSI currently at 70 mark resistance too. Could there be a slight pull back?
Comment:
On the 1 hour timeframe, the swing high we identified on the 4 hour acts like a good support region tested a couple of times before the break. The uptrend is still strong as EMAs are also acting as support and up trending support trend line is respected.
Which other confluences have you spotted and how will that affect your trading decision? Don't forget to share your own bias, thoughts and contributions in the comment section. Safe trading folks.
On the 1 hour timeframe, the swing high we identified on the 4 hour acts like a good support region tested a couple of times before the break. The uptrend is still strong as EMAs are also acting as support and up trending support trend line is respected.
Which other confluences have you spotted and how will that affect your trading decision? Don't forget to share your own bias, thoughts and contributions in the comment section. Safe trading folks.
On the daily timeframe, price is presently at the recent swing high or higher high which is marked. The 32860.91//30229.50 region is a very strong support area because there are obviously some rejections there and price left after forming a double bottom and a slight retest and the EMAs (20 and 50) acted as support too. From my observation, RSI 14 acted as support during those rejections too.