Hello Traders!
Update on BTC recent price movements from yesterday!
Will bulls push though current resistance or will bears take over at this given point?
Points to consider
- Head and Shoulders pattern will be negated if bulls break resistance with volume
- 4hr bullish divergence has held true!
- Currently inside bars forming on 240 timeframe
- Volume has dropped of drastically
- RSI is in overbought territory
- Stoch’s overextended on upwards momentum
- Volume Climax
- EMA’s yet to reach price
BTC has had an impressive move upwards from strong local support; now currently testing an important resistant area. Bulls have the potential of pushing price over resistance thus totally negating the potential head and shoulders pattern.
(Not a pretty Head and Shoulders one must say)
The 4 hour bullish divergence gave bulls an edge to push price to resistance, however volume has drastically decreased since testing this area (currently forming inside bars, yet to break), bulls may be well be out of steam. The RSI is currently in overbought territory and needs to cool off on a technical point of view. The Stochastics’ is now turning, showing us possible downwards momentum being more likely. We are yet to see how price will react once the EMA’s come to fruition, it may hold support, but this would be weak as other indicators are looking quite bearish…
What are your thoughts? Will price turn bearish from this resistance, or will it consolidate before bulls takeover again?
Please leave a like and comment
And remember,
“You will never find fulfillment trading the markets if you don’t learn to appreciate and be satisfied with what you already have.” ― Yvan Byeajee
Update on BTC recent price movements from yesterday!
Will bulls push though current resistance or will bears take over at this given point?
Points to consider
- Head and Shoulders pattern will be negated if bulls break resistance with volume
- 4hr bullish divergence has held true!
- Currently inside bars forming on 240 timeframe
- Volume has dropped of drastically
- RSI is in overbought territory
- Stoch’s overextended on upwards momentum
- Volume Climax
- EMA’s yet to reach price
BTC has had an impressive move upwards from strong local support; now currently testing an important resistant area. Bulls have the potential of pushing price over resistance thus totally negating the potential head and shoulders pattern.
(Not a pretty Head and Shoulders one must say)
The 4 hour bullish divergence gave bulls an edge to push price to resistance, however volume has drastically decreased since testing this area (currently forming inside bars, yet to break), bulls may be well be out of steam. The RSI is currently in overbought territory and needs to cool off on a technical point of view. The Stochastics’ is now turning, showing us possible downwards momentum being more likely. We are yet to see how price will react once the EMA’s come to fruition, it may hold support, but this would be weak as other indicators are looking quite bearish…
What are your thoughts? Will price turn bearish from this resistance, or will it consolidate before bulls takeover again?
Please leave a like and comment
And remember,
“You will never find fulfillment trading the markets if you don’t learn to appreciate and be satisfied with what you already have.” ― Yvan Byeajee