Hello Traders!
Today’s chart update will be on BTC after its pump, which has put in yet another lower high in the trend.
Will this S/R flip hold BTC and break key resistance line?
Points to consider,
- Bear trend still intact
- S/R flip coming to fruition
- Key resistance line to break
- Stochastics in upper regions
- RSI in upper region
- EMA’s turning bullish
- Volume follow through required
Bitcoins consecutive lower highs have established a key trend line that needs to break for a bullish bias. This current S/R flip needs to hold BTC, and consolidate, as this will increase the probability of a trend change. Staunched resistance line needs to break as this will negate the lower high structure – a new higher lower will come to fruition.
The stochastics is currently in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the down side. RSI is also in the upper region, a return back to support level is probable to cool it off.
EMA’s are crossing bullish; it needs to hold price support for a bullish bias. Volume itself is currently below average at current give time. BTC needs strong bull volume with follow through to break resistance and change overall structure.
Overall, in my opinion, BTC needs to break the staunched downwards sloping resistance line to negate the lower high structure. This needs volume follow thought to help avoid the chances of a false break. BTC is resting above support zone at current given time; this is a good sign for the bulls as it is confirming the S/R flip.
What are your thoughts?
Please leave a like and comment,
And remember
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager
**Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
Today’s chart update will be on BTC after its pump, which has put in yet another lower high in the trend.
Will this S/R flip hold BTC and break key resistance line?
Points to consider,
- Bear trend still intact
- S/R flip coming to fruition
- Key resistance line to break
- Stochastics in upper regions
- RSI in upper region
- EMA’s turning bullish
- Volume follow through required
Bitcoins consecutive lower highs have established a key trend line that needs to break for a bullish bias. This current S/R flip needs to hold BTC, and consolidate, as this will increase the probability of a trend change. Staunched resistance line needs to break as this will negate the lower high structure – a new higher lower will come to fruition.
The stochastics is currently in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the down side. RSI is also in the upper region, a return back to support level is probable to cool it off.
EMA’s are crossing bullish; it needs to hold price support for a bullish bias. Volume itself is currently below average at current give time. BTC needs strong bull volume with follow through to break resistance and change overall structure.
Overall, in my opinion, BTC needs to break the staunched downwards sloping resistance line to negate the lower high structure. This needs volume follow thought to help avoid the chances of a false break. BTC is resting above support zone at current given time; this is a good sign for the bulls as it is confirming the S/R flip.
What are your thoughts?
Please leave a like and comment,
And remember
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager
**Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
