BTCUSD Double Top Resistance|Structural Support| No Man’s Land
Evening Trader’s
Today’s Technical Analysis – BTCUSD – entering a new range by breaching structural resistance, a trade will only be valid with a retest of structural support (long) and or break (short) with a bearish retest.
Points to consider,
- Strong bull trend
- Retest of High time frame structure
- RSI overbought
- Stochastics momentum up
- Strong bull nodes
BTCUSD’s trend is extremely bullish breaking multiple structural resistances with the next cluster of support being situated at around $9450 - $9650 (HTF Support).
A retest of the high time frame support is probable for a confirmation of an S/R flip
Break and failure of structural support will increase the likelihood of testing the next trade location at $8500 (local support), for a confirmation, a bearish retest will be probable.
The RSI is trading at overbought conditions, due to the bullish nature of the trend; the RSI can and has reached the 80 level as a pivot.
Stochastics is trading in the upper regions with no clear sell cross, momentum is stored for the bears if a trend reversal is confirmed.
The volume is quite solid, consecutive bull nodes above average; a climax that engulfs all previous nodes will mark the temporary top.
Overall, in my opinion, the higher time frames are extremely over extended; a correction will only be healthy. BTCUSD may trend to test the double top resistance before correcting and confirming the S/R flip.
A short position will only be valid if a breach of structural support occurs with a bearish retest as entry.
What are your thoughts?
Please leave a like and comment,
And remember,
“Don't ever make the mistake of believing that market success has to come to you fast. Trade small, stay in the game, persist, and eventually, you'll reach a satisfying level of proficiency.” ― Yvan Byeajee
Today’s Technical Analysis – BTCUSD – entering a new range by breaching structural resistance, a trade will only be valid with a retest of structural support (long) and or break (short) with a bearish retest.
Points to consider,
- Strong bull trend
- Retest of High time frame structure
- RSI overbought
- Stochastics momentum up
- Strong bull nodes
BTCUSD’s trend is extremely bullish breaking multiple structural resistances with the next cluster of support being situated at around $9450 - $9650 (HTF Support).
A retest of the high time frame support is probable for a confirmation of an S/R flip
Break and failure of structural support will increase the likelihood of testing the next trade location at $8500 (local support), for a confirmation, a bearish retest will be probable.
The RSI is trading at overbought conditions, due to the bullish nature of the trend; the RSI can and has reached the 80 level as a pivot.
Stochastics is trading in the upper regions with no clear sell cross, momentum is stored for the bears if a trend reversal is confirmed.
The volume is quite solid, consecutive bull nodes above average; a climax that engulfs all previous nodes will mark the temporary top.
Overall, in my opinion, the higher time frames are extremely over extended; a correction will only be healthy. BTCUSD may trend to test the double top resistance before correcting and confirming the S/R flip.
A short position will only be valid if a breach of structural support occurs with a bearish retest as entry.
What are your thoughts?
Please leave a like and comment,
And remember,
“Don't ever make the mistake of believing that market success has to come to you fast. Trade small, stay in the game, persist, and eventually, you'll reach a satisfying level of proficiency.” ― Yvan Byeajee