BTCUSD Dynamic Resistance|Range High|.618 Fib|Declining Volume

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Evening Traders,

Today’s analysis – BTCUSD – price establishing a local range, currently putting in a probable bearish retest of dynamic resistance,

Points to consider,
- Range Deviation
- Range low (support)
- Range high (resistance)
- Declining volume

A range high deviation shows weakness in the immediate term, this allows us to have a bearish bias on the smaller time frames.

The current demand zone is range low; price has been defended here as indicated by candle closes.

The Dynamic support has now turned into resistance, in confluence with the .618 Fibonacci. A bearish retest confirmation here is very likely as this is a technical trade location.

The current volume profile is clearly declining, this is typically a bearish sign usually followed by an influx that confirms a break.

Overall, in my opinion, BTCUSD is a valid short with defined risk; this is a short term idea so price action is to be used up discretion.

Hope this analysis helps!

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+1 Reply
AzizKhanZamani CryptoCheck-
@CryptoCheck- great analysis thanks for sharing this ! :)
nice work
+1 Reply
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