With the market sell off this week I'm looking to see if BTC impulses down 10-15% over the weekend.
SO far on 60m that looks to be in the cards.
We have the momentum indicators going algo short.
We have a close below the Rex Dog Average (yellow).
All this points to momentum short action and change in 1HR algo.
As I write this 1HR is reacting off the 200ME/EMA avg which is printing a strong momentum move, if this shifts to red then the upward impulse will be confirmed as short term high.
Outlined on chart is 3 areas I expect reaction.
- Weekly open
- 4D level that aligns with 1HR RDA extreme band.
- anchored vwap from the high that has acted as reaction area on impulse down
Any close below weekly open is not a great sign for an impulse up move but one candle can change that.
Watch momentum on 60m timeframe and levels on daily for more clues.
No upside charting at this time as 60m algo is now momentum short.
SO far on 60m that looks to be in the cards.
We have the momentum indicators going algo short.
We have a close below the Rex Dog Average (yellow).
All this points to momentum short action and change in 1HR algo.
As I write this 1HR is reacting off the 200ME/EMA avg which is printing a strong momentum move, if this shifts to red then the upward impulse will be confirmed as short term high.
Outlined on chart is 3 areas I expect reaction.
- Weekly open
- 4D level that aligns with 1HR RDA extreme band.
- anchored vwap from the high that has acted as reaction area on impulse down
Any close below weekly open is not a great sign for an impulse up move but one candle can change that.
Watch momentum on 60m timeframe and levels on daily for more clues.
No upside charting at this time as 60m algo is now momentum short.
Comment:
47,600 - 47,8 range if it gets there will be where I'd look for reacton. Kind of obvious there with the breakdown candle but the momentum emas are aligning.
Comment:
Upside level to watch is the daily 48,166 level area. Looking like it will impulse up there on 5m.
The lows have held there on 5m with tests and rejections to RDA with overshoots. Let's see how close goes on Sunday as well as watch Monday NY cash open.
5m chart:
The lows have held there on 5m with tests and rejections to RDA with overshoots. Let's see how close goes on Sunday as well as watch Monday NY cash open.
5m chart:
Comment:
1HR algo has now switched to momentum long as well as at least one level holding. Upward targets arlready outlined.
If daily holds here that will be a close above previous days levels:
If daily holds here that will be a close above previous days levels:
Comment:
5m chart is still a mix bag in this range. As I add this comment it's algo short looking to test key level and momentum indicators.
Nothing an impulse and close above 48,8 can't solve. 5M, 15m, 30m, 1Hr, successive closes above that level would be good for more upside and upper levels.
Nothing an impulse and close above 48,8 can't solve. 5M, 15m, 30m, 1Hr, successive closes above that level would be good for more upside and upper levels.
Comment:
Sell off overnight but nothing that a large impulse up can't solve.
Outlined in chart are key reactinon levels. High, breakdown candle open, and 50% of that range.
1HR is now algo short 5m is indecisive and can change thus driving upward price action.
Outlined in chart are key reactinon levels. High, breakdown candle open, and 50% of that range.
1HR is now algo short 5m is indecisive and can change thus driving upward price action.
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