Barring a bounce off of the 21 EMA I see short lining up here
Price heading below 21 EMA
RSI about to drop below 50
DMI about to cross downwards
Stoch RSI crossing down under 80
The RSI range we are approaching is very important. In an uptrend like we saw in the box Feb to July, the 55 RSI acted often as support. Alternatively in a downtrend like March - September, the 55 did not act as support but fell through it. Let's see what it does next few days.
Posting now to track the price journey towards the end of this year and into next.
Curious to see if the 200MA and 200EMA will act again as support. Estimating very simply how it will trend.
Also the DMI is approaching a potential cross
I use the 14 day setting on RSI and DMI in this analysis. I have been using 7 in shorter time periods to allow for the 24 / 7...
Looking for another upturn at support. XBT has been hitting lower highs since July so my target is 10158
SL at 9083 is tight, if we drop out of the range, it could be significant and capital preservation is key.
RSI (set at 7 days) now at a low of 20 and find that a bounce off of 30 has been positive in this range since June.
Looking to short here
Looking for a reversal of this current trend. Betting that Whales have driven this up to lure in retail investors and will now let the price collapse.
Lots of talk about capital outflow from Hong Kong / China finding its way to bitcoin
If that is so, I may well be trading against the crowd, and will be stopped out accordingly.
Seeing resistance at this level both in price and in RSI.
Longs outnumbering shorts, perhaps time for a spike downwards to clear some of those longs out?
RSI has rejected at this 66 level before.
Volume is declining
Can XBT power up and switch this resistance into support again?
Watching for a cross back up over 30 RSI
Small SL due to Binance FUD and BTC level.
In the past it has moved quickly upwards over a few days at this level.
It may also bounce back down from the 30 flipping SR.