BTC dumped 8% (purple price range) after the bearish Supertrend Ninja - Clean signals (red vertical line on the background).
RSI at 36 is in the bearish zone. If we take a look at the RSI Brown, its in the oversold area. If we take a look at the Average Directional Index ( ADX DI) its still in the bearish zone. The red columns have overtaken the green columns. ADX (orange line) is looking to cross up the SMA (black line), which indicates the trend is about to get stronger. If so BTC will drop even more. Currently BTC is forming Leg B of the Elliot Wave. Leg C is obviously dependent on how deep Leg B will correct.
Fibonacci rectracement is drawn with orange horizontal lines. Next zones to watch if we break this support is 20,457 USD (0.618) and thereafter 19,164 USD (0.786). Support and resistances are highlighted as grey and light green horizontal blocks.
Remember to always take profits and use proper risk management!
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
What Indicators Do I Like To Use:
I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for possible downtrends.
RSI at 36 is in the bearish zone. If we take a look at the RSI Brown, its in the oversold area. If we take a look at the Average Directional Index ( ADX DI) its still in the bearish zone. The red columns have overtaken the green columns. ADX (orange line) is looking to cross up the SMA (black line), which indicates the trend is about to get stronger. If so BTC will drop even more. Currently BTC is forming Leg B of the Elliot Wave. Leg C is obviously dependent on how deep Leg B will correct.
Fibonacci rectracement is drawn with orange horizontal lines. Next zones to watch if we break this support is 20,457 USD (0.618) and thereafter 19,164 USD (0.786). Support and resistances are highlighted as grey and light green horizontal blocks.
Remember to always take profits and use proper risk management!
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
What Indicators Do I Like To Use:
I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for possible downtrends.
Beware of scammers. I do NOT have Telegram, Discord, Instagram, Twitter, Youtube or Facebook.
Tradingview is the only channel I use.
Tradingview is the only channel I use.