- Diagonal Resistance has been confirmed by a 3 touch trend line
- Diagonal Support line confirmed by 3 touches
- RSI levels are oversold
- Volume overall is lower than previous months
BTC is moving towards a crucial support line which intersects with the support zone box i have drawn in light blue
With the RSI indicating that BTC has been oversold and the...
Watching this equilibrium tightening. Waiting for a long or short opportunity.
Indicators: The price is rejected from the 50-D MA since 2018-04-24
Closest resistance: 8.46 on 2018-05-22
Closest support: 7.37 on 2018-05-17
If one of those break, I will consider to start building a swing position.
* Horizontal lines are support/resistance price level
EUR fundamentals are more bearish because of the political situation in Italy.
Watch price action carefully when price reaches the 1.15 area. What might potentially happen:
- Not respecting the level and goes further towards 1.10 / 1.05 zone.
- Respect the level and bounce back towards 1.20 / 1.25 zone.
The Euro has been dropping since mid April without any major pullback. The area between 1.16-1.17 has proven to provide support/resistance in the past and could be the area we bounce from. If we get a bounce from this area I will be looking to put on a short term long trade and target the daily 0.382 Fibonacci retracement which will probably also line up with the...