It looks like
BTCUSD
was once again rejected by its descending weekly trendline currently sitting just below the 50% level of the move down since June 2019.
The Daily and 4 hour charts topped on or near a sequential 9 and bitcoins` correlation with the stock markets in recent weeks indicate a move down might be likely.
I expect if we close the weekly below the orange 55 SMA we will see a drop back down to either the red or green rectangles which are prior support lining up with the 0.382 and 0.618 retrace of the move up. Since the green area also has the 200 SMA moving towards and bitcoin loves the 0.618 fib level and has started the last 3 rallies from the 200 weekly simple I think this is the most likely target for a higher low.
BTCUSD
was once again rejected by its descending weekly trendline currently sitting just below the 50% level of the move down since June 2019. The Daily and 4 hour charts topped on or near a sequential 9 and bitcoins` correlation with the stock markets in recent weeks indicate a move down might be likely.
I expect if we close the weekly below the orange 55 SMA we will see a drop back down to either the red or green rectangles which are prior support lining up with the 0.382 and 0.618 retrace of the move up. Since the green area also has the 200 SMA moving towards and bitcoin loves the 0.618 fib level and has started the last 3 rallies from the 200 weekly simple I think this is the most likely target for a higher low.
Comment:
Notice the last 2 daily tops happened on 9's
Comment:
Bitcoin trying to push higher on lower timeframes, 1 hour showing bearish divergence on the stochastic.
Will we get one more test of the trend line, or was this it'?
Will we get one more test of the trend line, or was this it'?
Comment:
4 Hour RSI starting to show some divergence.