There's some things happening in BTC now that need to be considered before making any new logical move. They are:
- Price action saw a very strong signal yesterday - this shows that in the SHORT term, the bulls are in control. The signal is still confirmed from a technical standpoint, and will only be invalidated when price breaks below the bottom of the signal itself at 6440. If any candle closes below here, it's a great level to look for short opportunities to the horizontal .
- Price is currently supporting on the 20 and 50 moving average on this particular time frame. This also suggests intermediate term. If price breaks below the averages, then this is a sign. If price breaks the moving averages, it also breaks the moving averages at the same time, which would be a SIGNIFICANT technical sign of bearishness.
- Side-wards resistance is at 6780 and looks pretty strong. A breakout above this WITHOUT breaking the 2 above rules would therefore be a scenario.
- Below 6640 would negate ALL signals, and below here is a great level to short in towards the horizontal .
Overall take from this analysis: Follows the first 2 conditions, then can go LONG. If third condition comes into play, SHORT below 6640.
Where do YOU think price is headed? Leave a comment below with a chart and let's share our thoughts!
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Thank you for your support.
Ty for sharing :-)
I say, enjoy your weekend and stay away from this market until it shows its hand. Then sift through the deck for your 'A' Game. You'll need it to play soon enough.
P.S. "Below 6640 *Short" sounds better ... to me :)