3 day time-frame on BTC shows cloud support within current range
As you can see there is cloud support on the 3-day time-frame for BTCUSD.
In our previous analysis we showed price in the past few weeks is ranging within a previous candle (see related ideas below).
The 3-day cloud support corresponds with the bottom of that weekly consolidation price range.
A break price range means entering the cloud and could signal a decline.
Like Anonymous, We Are Watching.
In our previous analysis we showed price in the past few weeks is ranging within a previous candle (see related ideas below).
The 3-day cloud support corresponds with the bottom of that weekly consolidation price range.
A break price range means entering the cloud and could signal a decline.
Like Anonymous, We Are Watching.
Comment:
As commented Feb 28, we have seen that continuation down to the base of the cloud around $7600. A rapid recovery would be surprising. We may find price finding support on the long-term trendline (blue) and skirting the bottom of the 3D cloud area over the coming few weeks before the market regains confidence for a new bull run. It seems this will be remembered as the corona virus correction.
For the Bulls, hopefully we'll see support at the kijun-san level (blue line) right around current price action at $8500. However the previous 3D candle is strong so momentum is clearly pushing doowwwnnn.