See graph for thoughts.
Comment:
Comment:
Here are my thoughts on the charts. If the 0.382 support at 11100 holds, I am going to be looking for a set up for a brakeout.
Daily: STILL TRADING IN THE DOWNWARD CHANNEL - MACD TURNING BULLISH - RSI IS BEARISH
4 HOUR: Waiting till confirmation that 0.382 Fib level is support. If it holds, Target 1 - 11694 (50 EMA), Target 2 - 12500 (100 EMA), Target 3 - 12750 (0.382 FIB). MACD momentum shifting toward bulls. RSI about to be bullish. Volume has been steady.
1 HOUR: Testing 11100 as support, 16 minutes till candle closes above support - by signal. MACD was flat and starting to expand bullish. RSI show overbought but 4 hr MACD should overrule.
15 Min: 7 candles have closed above .382 fib. MACD is turning bearish but if support holds, higher high should be coming. RSI is getting oversold. Volume has been decreasing - bearish.
4 hour chart:
15 minute chart:
Daily: STILL TRADING IN THE DOWNWARD CHANNEL - MACD TURNING BULLISH - RSI IS BEARISH
4 HOUR: Waiting till confirmation that 0.382 Fib level is support. If it holds, Target 1 - 11694 (50 EMA), Target 2 - 12500 (100 EMA), Target 3 - 12750 (0.382 FIB). MACD momentum shifting toward bulls. RSI about to be bullish. Volume has been steady.
1 HOUR: Testing 11100 as support, 16 minutes till candle closes above support - by signal. MACD was flat and starting to expand bullish. RSI show overbought but 4 hr MACD should overrule.
15 Min: 7 candles have closed above .382 fib. MACD is turning bearish but if support holds, higher high should be coming. RSI is getting oversold. Volume has been decreasing - bearish.
4 hour chart:
15 minute chart:
Order cancelled:
BTC was not able to close (4hr) above 0.382 resistance at 11100.00. Now confirmed as resistance. 30 minute and 15 minute are indicating further downside. Unless BTC can find support around 10k or breakout of channel, I expect a fall to mid 9000's.
Comment:
Looks like BTC is one again testing the upper limits of the channel which idicates that the upper limits of the channel may be weakening. If a breakout does occur, resistance will be quick at 11,100. I will be staying on the sidelines until BTC can confirm the 11,100 support.
Trade active:
IN MY OPINION, THE CHART IS LOOKING GOOD. Last 4 hour just closed above 11100. 4 hour Macd still has a little bit more to give. Just made the trade, target 1 -11690, target 2- 12500 ish depending on where the 100 EMA is. Watch it closely. It is risky because we do not have confirmation yet that the 11100 is going to act as short term support. 5 HAS TESTED THE 11100 SUPPORT AND SEEMS TO BE HOLDING.
Comment:
WATCH CAREFULLY!