Good morning everyone!
We had a decent discussion yesterday, about the trajectory that we thought BTC was going to go in. With all the talk around the Mt Gox exchange funds becoming available soon, alongside some solid TA factors, we deduced that it would with a high certainty move to the downside in the immediate term.
- We observed the 78 Fibonacci resistance level
- Steamroller (Our in house developed indicator) was nearing the top level of its cycle, entering the overbought area (on this 4H timeframe)
- The same was occurring with the RSI & CCI indicators
The Macro market structure is descending, no matter which way you look at it, the volume represents this as well. Realistically, I’m expecting this trend to continue with the release of that fundamental news & the lingering CME gap around that 9600 level.
In conclusion, looking for BTC to push downwards towards 10500, before giving us that confirmation that it’ll return to that current Demand Level at 10300. (If that move down last night wasn’t confirmation enough).
Have a great day!!!
We had a decent discussion yesterday, about the trajectory that we thought BTC was going to go in. With all the talk around the Mt Gox exchange funds becoming available soon, alongside some solid TA factors, we deduced that it would with a high certainty move to the downside in the immediate term.
- We observed the 78 Fibonacci resistance level
- Steamroller (Our in house developed indicator) was nearing the top level of its cycle, entering the overbought area (on this 4H timeframe)
- The same was occurring with the RSI & CCI indicators
The Macro market structure is descending, no matter which way you look at it, the volume represents this as well. Realistically, I’m expecting this trend to continue with the release of that fundamental news & the lingering CME gap around that 9600 level.
In conclusion, looking for BTC to push downwards towards 10500, before giving us that confirmation that it’ll return to that current Demand Level at 10300. (If that move down last night wasn’t confirmation enough).
Have a great day!!!