Today’s chart update will be on BTC which has a probable as price travels close to its apex.
Will BTC respect its uprising in this regression trend?
Points to consider,
- Trend in control by bears
- Structural Support to be tested
- Resistance retest confirmed
- Stochastics in lower regions
- EMA’s resistance
BTC has put in consecutive lower lows in this regression trend; a break out of this channel will change the overall trend.
Structural support is yet to be tested, the $6000 psychological level is very key to hold for a bias, if BTC was to test that low. The is in confluence with support, signalling that buy pressure should push price up. was confirmed by a retest, sell pressure was too strong for bulls to break above, and we also have pressure coming in from the EMAs.
The stochastics is in currently in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. The is currently testing support, needs to hold true to confirm a probable .
Overall, in my opinion, BTC needs to break from this current apex; this will respect the coming in from yearly lows and confirm the .
What are your thoughts?
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