BTCUSD - Top Down Analysis
Starting with the 1 hour timeframe, price-action is currently trading in a wedge formation below the 200 Simple Moving Average (SMA) RSI is also below 50 suggesting that bears are currently stronger.
Let's take a look at the 4hr.
With the 4hr timeframe we can get a better view of the wedge. RSI is below 50, and it appears price action wants to pullback to the 200 SMA.
Lastly let's take a look at the daily, the timeframe that really matters the most.
This timeframe convinces me that price action is likely to drop back down to the ascending trendline. However I believe on another retest, that ascending TL very well could break is we get strong bearish momentum. If PA breaks the ascending TL, expect 50k to be the next level of support in the days/weeks ahead.
That's it - That's all
Trade Safe
Let's take a look at the 4hr.
With the 4hr timeframe we can get a better view of the wedge. RSI is below 50, and it appears price action wants to pullback to the 200 SMA.
Lastly let's take a look at the daily, the timeframe that really matters the most.
This timeframe convinces me that price action is likely to drop back down to the ascending trendline. However I believe on another retest, that ascending TL very well could break is we get strong bearish momentum. If PA breaks the ascending TL, expect 50k to be the next level of support in the days/weeks ahead.
That's it - That's all
Trade Safe
I manage forex accounts for HNWI and sophisticated investors.
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Managed Forex Accounts
➡️ manage.forex
Track Record
➡️ tinyurl.com/y67rnwrd
➡️ linkedin.com/in/forexdaytrader
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