BITCOIN:At the edge of the cliff
Let's keep it simple.
Summary & trading plan:
- We perfectly called for 10450 dollars XBTUSD zone failure to hold, and we saw a strong move as anticipated yesterday in our idea, targeting low 10k.
- Bitcoin is now sat on the edge of a Daily Cliff and we can see very low targets if it triggers. Please, read the detailed analysis for further details and targets if the idea is triggered.
- Still hedged from >11k4.
- Looking for altsbtc setup considering this potential weakness.
- For live updates on btc & alts, and for free trades, follow us on twitter .
a/ Market structure: still intact structure, but indecisive at the moment. In the same time, weekly chart is showing us a trendwall that is getting weaker and weaker here. A trendwall is basically a trendline that is drawn based on a point of resistance, and a point of support during an uptrend, that allow us to get an idea of the exact place where price can reverse. Considering it provided support already three times, we now have to consider that the next test is not going to hold, and we are going to break down, each test making the trendwall weaker and weaker. Weekly support to monitor is 8750.
b/ RSI: indecisive but can definitely move down for a reset.
c/ MACD: Under Crossover in positive territory. => Consolidation on this TF and a retest of support is possible.
a/ Market structure: still intact structure, but indecisive at the moment. Breakout of resistance right before monday close. Tuesday confirmed our idea of a that is in play now. Support at 9800, 9500 then a possible swing failure pattern at 9k to run the stops that could make us close to the weekly support at 8750 usd. Chart is here. A close under Monthly Open at 10100 is your trigger for downside continuation.
b/ RSI: Indecisive, on support line. A break of the support would confirm our plan and gives strong momentum to the downside. If we have to face a daily downtrend, lower target an be expected and 7800 usd is possible.
c/ : Under crossover, and crossed the centerline, so under territory. That's look bad to be honest at the moment, let's see on daily close.
- 4 hour
a/ Market structure: Break of Market structure because we broke down strongly, breaking the low that created the top. We tagged resistance and got rejected. A close under 10100 is your trigger for downside continuation. is decent and we can expect sellers to step in if we see continuation. Chart is here.
b/ RSI: Broke down the trendline. Look like momentum found some support here.
c/ : Under crossover and looks like headed to territory.
I am going to create a new idea to explain you what is coming next and make you ready to react.
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