Hello everyone,
This is October BTCUSD update. Since the beginning of October, the marked has been declining and resulting in significant battles for $8,200-8,000 range. The market sentiment has shifted more towards bears and we can see by the red daily volumes outnumbering green ones. It would be more practical to define a new short-term level of support of $7,800 due to the fact $8k support has been breached multiple times.
For the past couple of days the market has experienced a slight pressure from bears pushing stoch RSI on 6H, 4H and 2H to bottom lows. Therefore, bulls reminded about their existence today with a nearly perfect set-up for breaking up the trend path upwards to $8,313.70. This move allowed building another descending triangle across three top price points: $8,800.56, $8474.13 and $8,313.70 and a support of $7,778.72.
Despite today’s bulls, the sentiment is still quite bearish as bulls kept their short-term rally within the set-up. Considering recent pressure by bears, that rally was necessary. I would assume the market to descend throughout this week slowly towards $8k level and $7,778. I also suggest the descent should take another 5 days or a week. Personally, I will start building short positions now, whilst the price is relatively high.
I would like to mention that this is not a financial advise but rather an observation of the market. Trade carefully and at own risk.
All the best! Trade safe!
This is October BTCUSD update. Since the beginning of October, the marked has been declining and resulting in significant battles for $8,200-8,000 range. The market sentiment has shifted more towards bears and we can see by the red daily volumes outnumbering green ones. It would be more practical to define a new short-term level of support of $7,800 due to the fact $8k support has been breached multiple times.
For the past couple of days the market has experienced a slight pressure from bears pushing stoch RSI on 6H, 4H and 2H to bottom lows. Therefore, bulls reminded about their existence today with a nearly perfect set-up for breaking up the trend path upwards to $8,313.70. This move allowed building another descending triangle across three top price points: $8,800.56, $8474.13 and $8,313.70 and a support of $7,778.72.
Despite today’s bulls, the sentiment is still quite bearish as bulls kept their short-term rally within the set-up. Considering recent pressure by bears, that rally was necessary. I would assume the market to descend throughout this week slowly towards $8k level and $7,778. I also suggest the descent should take another 5 days or a week. Personally, I will start building short positions now, whilst the price is relatively high.
I would like to mention that this is not a financial advise but rather an observation of the market. Trade carefully and at own risk.
All the best! Trade safe!
On a bigger scale the daily gap between 50 EMA and 200 EMA is getting smaller leading us towards death cross. Important to remember that death cross on a daily is strong sell indicator. If that's so, we could have seen the last hike this year and the next one should be seen in May 2020 when halving happens. But that's too far ahead, lets focus on what is happening right now.