Today’s Technical Analysis – BTCUSD- post halving, currently trading in a define range where a breakout at either ends will solidify a directional bias.
Points to consider, - Bearish retest confirmation - Range Trading - Demand zone buy back - RSI higher lows - Stochastics above 50 - Volume climax
Bitcoins recent bearish retest confirmed an S/R flip trading back into its range; this can be considered as a bull trap.
Price is trading above range median as the demand zone has been bought up by the bulls; this is represented by the wicks.
The RSI is trading with a higher low projection whilst the stochastics is above 50, momentum technically is stored in both directions, just need further confirmation.
Volume climax is evident, marking the temporary bottom. The decline is volume is also very noticeable, indication of in influx.
Overall, in my opinion, a breakout in either direction of this range will give a valid scalp trade with defined risk. The way price action develops at either end of this range will help with the directional bias.
What are your thoughts?
Please leave a like and comment,
And remember,
“Fear, inherently, is not meant to limit you. Fear is the brain’s way of saying that there is something important for you to overcome.” ― Yvan Byeajee
After Halving the price is going up. 4 hour and 6 hour charts show the weekend's drop is in full recovery mode with indicators pointing up. Here is our idea:
AzizKhanZamani
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@Sparkster thanks for sharing, the price action forming shows me strength, the initial bearish retest I was expecting further downside but bulls did step in below range median which is the current demand zone