Today’s Analysis – BTCUSD – breaking down once again from the $10,000 Psychological level, now trading at local resistance.
Points to consider, - Impulse bear move down - Local resistance (multiple confluences) - Range support (bear target) - RSI and Stochastics overextended - Volume Climax evident.
BTCUSD’s impulse move down broke below local resistance which has multiple technical confluences.
The 200 MA is in confluence with the .382 Fibonacci retracement , body candle closes below or above this will give us a directional bias.
The bear target is range support; BTCUSD is in a clear range on the daily timeframe
Both RSI and Stochastics are recovering form overextended conditions, a swing low failure will be a bullish sign.
BTCUSD has established a volume climax node; this usually indicates a temporary bottom as price finds its equilibrium before its next impulse move.
Overall, in my opinion, BTCUSD’s price needs further development; price action will help with the directional bias as this is a pivotal point in the chart.
What are your thoughts?
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