Today’s chart we be on BTCUSDwhich is testing a critical
Points to consider,
- Major support being tested
- Stochastics in lower regions
- approaching oversold
- EMA’s giving price resistance
- needs to increase
BTC has put in consecutive lower highs with no clear sign in trend change on the shorter time frame. Major support is being tested that must hold for a bias, a break will continue with the momentum.
Stochastics is currently in the lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. is hitting oversold conditions; a return back to neutral territory is probable, an oversold bounce.
EMA’s are currently giving price resistance, this will push BTC down if support does not hold true. is well below average, an increase in in either direction will determine the trend direction.
Overall, in my opinion, BTC is in a critical point where a break in either direction will determine the overall trend. A break will confirm a higher low and a bear break will increase the probabilities of further lower lows.
What are your thoughts?
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“Hope is bogus emotion that only costs you money.” – Jim Cramer