XBTUSD is moving to higher levels following bullish sentiment of the market.
We have reached to an old but strong resistance at 11.700 level.
RSI is at overbought level so we can expect a correction to 10.500 levels.
If we broke upwards with high volume, we might expect a travel to 12.850 levels
We have reached to an old but strong resistance at 11.700 level.
RSI is at overbought level so we can expect a correction to 10.500 levels.
If we broke upwards with high volume, we might expect a travel to 12.850 levels
Comment:
RSI Divergence caused a reversal of the price to a downward movement.
Price is now at the edge of the channel to break it.
10.205 is a major support level which might keep the price on a consolidation channel which is better for a long term price increase.
If this level cannot hold the movement, there is another level at 9.370
Price is now at the edge of the channel to break it.
10.205 is a major support level which might keep the price on a consolidation channel which is better for a long term price increase.
If this level cannot hold the movement, there is another level at 9.370
The chart shows a new formation of inverse H&S.
In my opinion, it is unlikely to act as an inverse H&S and move very high levels, but braking the resistance will give a good push for short term.