Bitcoin/gold Support & Resistance + High Volume Spinning Top
(Note: I'm a beginner at technical analysis. Comments welcome.)
This chart is Bitcoin priced in gold via USD.
Circled high volume spinning top followed by long red candle. Means there was a lot of trading happening around 0.8281 therefore resistance now stronger. Current green candle looking normal on volume, somewhat long top wick, and balanced "indecisive" -- so maybe it won't even make it back up to resistance before falling below recent low at 0.7183. Support at 0.6525 is a guess.
This chart is Bitcoin priced in gold via USD.
Circled high volume spinning top followed by long red candle. Means there was a lot of trading happening around 0.8281 therefore resistance now stronger. Current green candle looking normal on volume, somewhat long top wick, and balanced "indecisive" -- so maybe it won't even make it back up to resistance before falling below recent low at 0.7183. Support at 0.6525 is a guess.
Comment:
Bitcoin currently hovering at 0.8225 ounces of gold (via USD). Looks like it will bounce off resistance to me. Let's see...
Comment:
Holding above the resistance so far. Current candle (1 April 2017) has fairly long upper wick. I'm unsure. Would like to see a retest in order to call 0.8281 a support.
Order cancelled
Comment:
Ok, my idea here was incorrect.
Cace Hudson