BTC UPDATE
Our weekly open is located at $22500 which will act as our pivot point for direction of trend. Daily open is $21300 which will be our immediate resistance level.
BTC Still didn't manage to close above the 200MA $26800 on the weekly. The weekly closed below, setting a new record of 6 consecutive closes below this critical moving average.
The bulls failed to hold the 21EMA $21800 level on the 1D which Will now act as our 2nd immediate resistance level. Also we have hidden bearish divergence on the 1D and given the RSI lost the MA more downside action is expected.
At the moment we bouncing of the 0.5 fib level and we will probably test the resistance levels of $21500 $22200, which will be good areas to build another short position.
For the bears $22800 is the level they need to press down on and its the level which will invalidate the short position. So our stop loss is set at $22800.
$20000 is the final line for the bulls to hold, otherwise bear Jesus will deliver on his Red candle promises.
BTC Still didn't manage to close above the 200MA $26800 on the weekly. The weekly closed below, setting a new record of 6 consecutive closes below this critical moving average.
The bulls failed to hold the 21EMA $21800 level on the 1D which Will now act as our 2nd immediate resistance level. Also we have hidden bearish divergence on the 1D and given the RSI lost the MA more downside action is expected.
At the moment we bouncing of the 0.5 fib level and we will probably test the resistance levels of $21500 $22200, which will be good areas to build another short position.
For the bears $22800 is the level they need to press down on and its the level which will invalidate the short position. So our stop loss is set at $22800.
$20000 is the final line for the bulls to hold, otherwise bear Jesus will deliver on his Red candle promises.
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