BTC's movement for today needs to be carefully watched out before opening any order. It is risky because of two opposing ideas:
1. The end range, yellow thick line, has been seen to reject downtrend movement, lots of false breaks, and H1 RSI is nearing the oversold condition which signals that this can go up before it goes down again.
2. MACD at H4 is still largely downtrend and strong bearish pressure as seen in a faster dump of a few hours pump.
However, I still do believe that the long run is still bear but we are focusing on day trading.
Thick yellow lines - end of range
Thin yellow lines - minor resistances
Purple arrows - possible movement/scenarios today
Red and green arrows - possible directional movements
Please do your own study before making your trade. Price movement can be a lot different from this post. Have a good risk reward ratio.
Be wary of false breaks! Trading is RISKY, always put stop losses.
TRADING IS REACTIVE, NOT PREDICTIVE.
1. The end range, yellow thick line, has been seen to reject downtrend movement, lots of false breaks, and H1 RSI is nearing the oversold condition which signals that this can go up before it goes down again.
2. MACD at H4 is still largely downtrend and strong bearish pressure as seen in a faster dump of a few hours pump.
However, I still do believe that the long run is still bear but we are focusing on day trading.
Thick yellow lines - end of range
Thin yellow lines - minor resistances
Purple arrows - possible movement/scenarios today
Red and green arrows - possible directional movements
Please do your own study before making your trade. Price movement can be a lot different from this post. Have a good risk reward ratio.
Be wary of false breaks! Trading is RISKY, always put stop losses.
TRADING IS REACTIVE, NOT PREDICTIVE.
Comment:
It did follow the uptrend purple arrow. Hope everyone was able to ride the wave! On to the next day. :)