BTC/USD is failing to maintain any bid and all pops higher are met with sellers. With the 200sma below current price action it seems highly probable that we test the 200sma with a heavy break of 10,000 price point. In my experience we will probably break the 200sma and take out more Stops. How this scenario unfolds will tell us more about the future direction of BTC/USD over the coming days, weeks and months. The breaking of the 200sma is not as important as how we react afterwards.
The Fast Stochastics is hitting oversold reading. Under certain circumstances oversold becomes more oversold. We could be looking at a nice flush out of weak hands.
Buckle up and enjoy the ride!!!
The Fast Stochastics is hitting oversold reading. Under certain circumstances oversold becomes more oversold. We could be looking at a nice flush out of weak hands.
Buckle up and enjoy the ride!!!
Comment:
If and when the pattern does unfold, weaks "should" be taken out and a move higher is a good possibility.