BTCUSD: Wait for confirmation candle!
- Lower time frames have performed bullish chart patterns
- RSI is in the oversold territory and starting to peak upwards
- RSI on the H1,H4 & D1 time frames is in the oversold area
- Price is currently at a support level so price needs to close below this zone for a break and retest and then entry.
- Pennant/Flag chart pattern formed indicating a possible continuation of downtrend!
Price may turn around and push to the 61.8% fib retracement level.
Do not enter trade until you see a confirmation candle {a strong flat top or flat bottom candle}.
Price may enter into consolidation after the big push downwards before continuation or reversal of trend.
Will post comments on the updates of this trade.
- RSI is in the oversold territory and starting to peak upwards
- RSI on the H1,H4 & D1 time frames is in the oversold area
- Price is currently at a support level so price needs to close below this zone for a break and retest and then entry.
- Pennant/Flag chart pattern formed indicating a possible continuation of downtrend!
Price may turn around and push to the 61.8% fib retracement level.
Do not enter trade until you see a confirmation candle {a strong flat top or flat bottom candle}.
Price may enter into consolidation after the big push downwards before continuation or reversal of trend.
Will post comments on the updates of this trade.
Related publications
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.