After last night's drop BTC found good support at the S1 Pivot Point coinciding with the 100 EMA (orange Line).
We are currently trying to re-test the 50 EMA (yellow line) but if we fail to rally above, we may continue down to our next support area of S2 Pivot Point, which is fairly close to what would be the target area of the head and shoulders breakdown (dotted black line) and the 200 EMA (red line).
RSI trying to retest the 50 level once again. Currently in bearish territory. MACD still on a downward trajectory but histogram showing some small divergence which could be related to our current price bounce.
Lots to discuss tonight during our deconstructing charts series and be sure to check last nights analysis on how we got to this level.
We are currently trying to re-test the 50 EMA (yellow line) but if we fail to rally above, we may continue down to our next support area of S2 Pivot Point, which is fairly close to what would be the target area of the head and shoulders breakdown (dotted black line) and the 200 EMA (red line).
RSI trying to retest the 50 level once again. Currently in bearish territory. MACD still on a downward trajectory but histogram showing some small divergence which could be related to our current price bounce.
Lots to discuss tonight during our deconstructing charts series and be sure to check last nights analysis on how we got to this level.
