BTCUD Ascending Triangle|Structural Resistance|Apex| Low Volume
Evening Traders,
Today’s analysis will focus on Bitcoins immediate price action; it is consolidating under key resistance which is quite bullish, although the macro trend is still bearish.
Points to consider,
- Macro trend bearish
- Consolidation under local resistance
- Current support (100 and 21 EMA)
- RSI respecting trend
- Stochastics projected down
- Volume declining
BTC is still in a macro downtrend, putting in consecutive lower highs on the daily timeframe. Currently consolidating under local resistance, this can be seen as a bullish sign as buyers are willing to buy at these levels.
Support is deemed from the 100 and 21 EMA, this is very close to the ascending triangle apex indicating a move is imminent.
The RSI is respecting its trend, a break will test its support, if this occurs, BTC will follow for a retest of its ascending support line.
Stochastics are projected down; the immediate momentum is to the down side, again putting more emphasis on BTC test its ascending support.
The Volume nodes are declining; this indicates that volatility is around the corner as price is trading in its apex.
Overall, in my opinion, BTCUSD is consolidating under local resistance in a probable ascending triangle. A break up will likely send price to structural resistance, a test of this level may reject BTC, thus putting in more emphasis on a bear flag (too early to tell at the moment).
What are your thoughts?
Please leave a like and comment,
And remember,
The market can stay irrational longer than you can stay solvent. - John Maynard Keynes
Today’s analysis will focus on Bitcoins immediate price action; it is consolidating under key resistance which is quite bullish, although the macro trend is still bearish.
Points to consider,
- Macro trend bearish
- Consolidation under local resistance
- Current support (100 and 21 EMA)
- RSI respecting trend
- Stochastics projected down
- Volume declining
BTC is still in a macro downtrend, putting in consecutive lower highs on the daily timeframe. Currently consolidating under local resistance, this can be seen as a bullish sign as buyers are willing to buy at these levels.
Support is deemed from the 100 and 21 EMA, this is very close to the ascending triangle apex indicating a move is imminent.
The RSI is respecting its trend, a break will test its support, if this occurs, BTC will follow for a retest of its ascending support line.
Stochastics are projected down; the immediate momentum is to the down side, again putting more emphasis on BTC test its ascending support.
The Volume nodes are declining; this indicates that volatility is around the corner as price is trading in its apex.
Overall, in my opinion, BTCUSD is consolidating under local resistance in a probable ascending triangle. A break up will likely send price to structural resistance, a test of this level may reject BTC, thus putting in more emphasis on a bear flag (too early to tell at the moment).
What are your thoughts?
Please leave a like and comment,
And remember,
The market can stay irrational longer than you can stay solvent. - John Maynard Keynes