The 61.8% level marked on the chart was once support (area of buying interest), but now is resistance (area of selling interest). This retracement level is actually critical resistance this week that needs price to bust to the upside with some buying momentum to back it up. This is what is needed to get BTC out of the sideways to lower pattern that has formed.
Sentiment is leaning toward a “sell any rally attempt” mentality. The ADX, which measures trend momentum is increasing with the red negative directional index line still in control. This highlights a triangle pattern where price is likely to travel this week. The previous low is the target around $5858 and could even slipp lower toward the $5400 mark.
This bearish call for the week would be negated on a break of the 61.8% level to the upside (with momentum indication to back it up). Happy Trading!
Critical Resistance: $6,458.60
Key Resistance: $6,375.00
Key Support: $6,119.00
Critical Support: $5,858.60
Want to talk technical.. come see me at the Cryptomarket360 Discord channel.
Sentiment is leaning toward a “sell any rally attempt” mentality. The ADX, which measures trend momentum is increasing with the red negative directional index line still in control. This highlights a triangle pattern where price is likely to travel this week. The previous low is the target around $5858 and could even slipp lower toward the $5400 mark.
This bearish call for the week would be negated on a break of the 61.8% level to the upside (with momentum indication to back it up). Happy Trading!
Critical Resistance: $6,458.60
Key Resistance: $6,375.00
Key Support: $6,119.00
Critical Support: $5,858.60
Want to talk technical.. come see me at the Cryptomarket360 Discord channel.