Hello Traders!
An update on BTC’s recent price developments
Points to consider
- Broke bearish from apex zone
- EMA’s providing resistance
- RSI Putting in Lower Highs
- Stoch’s showing bearish momentum
- Volume has increased
- Next support is the green zone
- Fibonacci extension in confluence with support
BTC has finally broken out of its equilibrium with a large volume spike confirming that it is not a fake out. Price was getting pushed into its apex zone whilst the EMA’s proved its resistance giving the bears an upper edge. RSI has been putting in Lower Higher whilst price putting in Higher Lows, giving us a bearish divergence, this did take time to play out however.
Stochs still showing downwards momentum and with bears looking like they’re in control, BTC is more likely to test its next support, which is around the green zone. The Fibonacci extension shows us potential retracement zones for bears and with support in confluence, it’s a good area to take profits if in a short.
What are your thoughts? Will BTC retrace to its next support?
Please leave a like and comment
And remember,
“You never know what kind of setup market will present to you, your objective should be to find opportunity where risk reward ratio is best.”
― Jaymin Shah
An update on BTC’s recent price developments
Points to consider
- Broke bearish from apex zone
- EMA’s providing resistance
- RSI Putting in Lower Highs
- Stoch’s showing bearish momentum
- Volume has increased
- Next support is the green zone
- Fibonacci extension in confluence with support
BTC has finally broken out of its equilibrium with a large volume spike confirming that it is not a fake out. Price was getting pushed into its apex zone whilst the EMA’s proved its resistance giving the bears an upper edge. RSI has been putting in Lower Higher whilst price putting in Higher Lows, giving us a bearish divergence, this did take time to play out however.
Stochs still showing downwards momentum and with bears looking like they’re in control, BTC is more likely to test its next support, which is around the green zone. The Fibonacci extension shows us potential retracement zones for bears and with support in confluence, it’s a good area to take profits if in a short.
What are your thoughts? Will BTC retrace to its next support?
Please leave a like and comment
And remember,
“You never know what kind of setup market will present to you, your objective should be to find opportunity where risk reward ratio is best.”
― Jaymin Shah
Free Alpha Group t.me/freetradingden
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Free Alpha Group t.me/freetradingden
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.