Hello Traders!
Hope you all had a great weekend,
Update on BTC recent developments on the daily chart , at a very critical point, trading below the 200 Moving Average, we need it to break and stay above this level to keep a bullish bias.
Points to consider,
- Daily trend bearish
- Price testing structural resistance
- Price below key moving average
- Stochastics in lower region
- RSI levels oversold
- .50 Fibonacci acting as resistance
- .618 Fibonacci is local support
- EMA’s both resistance
- Volume declining after climax
Bitcoin is trading at a very key region, right below the 200 moving average which is in confluence with structural resistance and the .50 Fibonacci level. The daily trend is considered to be bearish as we have not put in a higher high coming out of the bearish descending triangle .
The stochastics is well below in lower regions, flattening out; we need to see it show an upper projection. This can be in confluence with the RSI , being way oversold at current time; an oversold bounce may be probable to cool off both these indicators…
The Fibonacci levels are quite interesting, the .50 as mentioned before is now a key resistance level , and the 200 moving average coming over price at current given time makes this area of very strong resistance. The .618 Fibonacci level is considered as local support, price is more probable to quickly reach this region if the 200 moving average does not get broken…
Volume is declining after volume climax’s, this shows that a volatile move will be at play, we could see a Bart move back and over the 200 MA and or another flush down, to local support, the .618 Fibonacci level…
What are your thoughts?
Will BTC break this critical resistance level or flush down to local support?
IMO it’s pretty risky at current given time, we don’t have a clear direction however, few indicators are over extended, thus a oversold bounce would be more probable…
Please leave a like and comment,
And remember
“A lot of people get so enmeshed in the markets that they lose their perspective. Working longer does not necessarily equate with working smarter. In fact, sometimes is the other way around.” – Martin Schwartz
Hope you all had a great weekend,
Update on BTC recent developments on the daily chart , at a very critical point, trading below the 200 Moving Average, we need it to break and stay above this level to keep a bullish bias.
Points to consider,
- Daily trend bearish
- Price testing structural resistance
- Price below key moving average
- Stochastics in lower region
- RSI levels oversold
- .50 Fibonacci acting as resistance
- .618 Fibonacci is local support
- EMA’s both resistance
- Volume declining after climax
Bitcoin is trading at a very key region, right below the 200 moving average which is in confluence with structural resistance and the .50 Fibonacci level. The daily trend is considered to be bearish as we have not put in a higher high coming out of the bearish descending triangle .
The stochastics is well below in lower regions, flattening out; we need to see it show an upper projection. This can be in confluence with the RSI , being way oversold at current time; an oversold bounce may be probable to cool off both these indicators…
The Fibonacci levels are quite interesting, the .50 as mentioned before is now a key resistance level , and the 200 moving average coming over price at current given time makes this area of very strong resistance. The .618 Fibonacci level is considered as local support, price is more probable to quickly reach this region if the 200 moving average does not get broken…
Volume is declining after volume climax’s, this shows that a volatile move will be at play, we could see a Bart move back and over the 200 MA and or another flush down, to local support, the .618 Fibonacci level…
What are your thoughts?
Will BTC break this critical resistance level or flush down to local support?
IMO it’s pretty risky at current given time, we don’t have a clear direction however, few indicators are over extended, thus a oversold bounce would be more probable…
Please leave a like and comment,
And remember
“A lot of people get so enmeshed in the markets that they lose their perspective. Working longer does not necessarily equate with working smarter. In fact, sometimes is the other way around.” – Martin Schwartz
