AzizKhanZamani
Short

BTCUSD Golden Pocket| 200 MA| Regression Trend

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hello Traders!

Today’s update will be on BTC’s daily chart where it has been rejected from the golden pocket, a correct may be imminent due to heavy resistance confluences.

Points to consider,
- Trend testing strong technical resistances – Golden Pocket & Regression Trend
- Local resistance - 200 MA
- Local support at .786 Fibonacci
- Stochastics topping out
- RSI coming into apex
- Volume below average

Trend is testing strong resistance, golden pocket, a key Fibonacci level where BTC has been rejected from that is also in confluence with local resistance. The 200 MA and upper resistance from the regression trend line proves heavy technical confluence.

Local support is found at the .786 Fibonacci level, BTC is probable to return to this area before an impulse move back up.

Stochastics is currently in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside. The RSI coming into its apex, signalling that a break is imminent in either direction.

Volume is well below average, an influx in imminent with a decisive move; this will help dictate the direction of BTC .

Overall, in my opinion, BTC is likely to correct to support due very strong resistance. A correction will cool of indicators such as the RSI and the Stochastics before another leg up.

What are your thoughts?

Please leave a like and comment,

And remember,

“Fear, inherently, is not meant to limit you. Fear is the brain’s way of saying that there is something important for you to overcome.”
― Yvan Byeajee,

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