Hello Traders,
Update on BTC,
Looking at the current chart of BTC paints a picture that the parabolic move maybe over,
Points to consider:
- The 0.168 Fibonacci has acted as resistance, we did see a fake out, but the level was well respected
- Stoch momentum is on the downturn on the daily
- Fibonacci extension show us a potential target at 1.168 level which is in CONFLUENCE with the 0.382 Fibonacci line
- RSI approaching 70 on the daily time frame, extremely overbought
- increasing bear volume on the daily
Price is currently sitting at the daily .5 Fibonacci line, the NVPR is showing low volume transacted at this area, thus price has potential of dropping further. BTC right now, if it beaks below the 0.5 Fib, chances are it will chase the fib extension, How ever if price holds support and bull volume kicks in, we may be on our way to tests highs again, this is probable but highly unlikely.
What are your thoughts? Please leave a like and comment
and remember,
“The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.” Paul Tudor Jones
Update on BTC,
Looking at the current chart of BTC paints a picture that the parabolic move maybe over,
Points to consider:
- The 0.168 Fibonacci has acted as resistance, we did see a fake out, but the level was well respected
- Stoch momentum is on the downturn on the daily
- Fibonacci extension show us a potential target at 1.168 level which is in CONFLUENCE with the 0.382 Fibonacci line
- RSI approaching 70 on the daily time frame, extremely overbought
- increasing bear volume on the daily
Price is currently sitting at the daily .5 Fibonacci line, the NVPR is showing low volume transacted at this area, thus price has potential of dropping further. BTC right now, if it beaks below the 0.5 Fib, chances are it will chase the fib extension, How ever if price holds support and bull volume kicks in, we may be on our way to tests highs again, this is probable but highly unlikely.
What are your thoughts? Please leave a like and comment
and remember,
“The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.” Paul Tudor Jones