BTC
Weekly: Upward move of last 6 months bounced off top of range resistance around 12000. Needs to blow through this level to be convincingly bullish now.
Conversely, 10000 needs to break if a reversal on this timeframe is to be called.
Bearish signal line and histogram cross look imminent but the averages are still currently up.
Look to shorter time frame for bearish entry.
Daily: Above 200 MA but retracing, rangebound between 10-12k, most recent bars closed at marubozu level of bearish bars 02/03 Sept,
Downward MA cross and support above 11100 just became resistance, head and shoulders of sorts. Stochastic sell in overbought zone just occurred.
If today's bearish directional candle hasn't turned into a doji by the close, go short at tomorrow's open.
E: 10485, S: 10860 (just below today's high), T: 9320 (just above 200 day MA)
Alternatively, if price heads back up through 11000 this entry suggestion would be void.
Weekly: Upward move of last 6 months bounced off top of range resistance around 12000. Needs to blow through this level to be convincingly bullish now.
Conversely, 10000 needs to break if a reversal on this timeframe is to be called.
Bearish signal line and histogram cross look imminent but the averages are still currently up.
Look to shorter time frame for bearish entry.
Daily: Above 200 MA but retracing, rangebound between 10-12k, most recent bars closed at marubozu level of bearish bars 02/03 Sept,
Downward MA cross and support above 11100 just became resistance, head and shoulders of sorts. Stochastic sell in overbought zone just occurred.
If today's bearish directional candle hasn't turned into a doji by the close, go short at tomorrow's open.
E: 10485, S: 10860 (just below today's high), T: 9320 (just above 200 day MA)
Alternatively, if price heads back up through 11000 this entry suggestion would be void.