So, resistance is here. What can we expect now?
Updated
Hi there, traders!
So, resistance came quite around anticipated level, producing downward swings to upcoming fractal structures (represented by colored averages on 305 mins chart).
First average (pink) couldn't manage to hold two succeeding attacks, letting price break past it, as well as nearby uptrend line. A clear weak attempt to test pushing price back above it resulted in a sharp rejection. Noticeable also ware margin traders' activities (Bitfinex): a considerable amount of longs closed (also shorts) -- resulting in a decreasing open interest.
As of this moment, it's reasonable to expect a visit to second moving average (light blue), around 7600 level, followed by some consolidation, and a potential pullback. Still, some good amount of doubt is reasonable as to wether BTCUSD will manage to break above trend line (TL) again, from this range -- let alone overcome dark blue average. If it does, frontier targets lie around 8500-600 and 8900.
Supporting this scenario is that it seems there is more steam arriving, implied by yellow average appearing below orange one, at around 7200 level. Another sign of a likely uptrend recovery and a top retest attempt is oscillator line (currently black) nearing up-trending magenta average.
Attention points:
Trade wisely. Stay in the game.
PhinkTrande
So, resistance came quite around anticipated level, producing downward swings to upcoming fractal structures (represented by colored averages on 305 mins chart).
First average (pink) couldn't manage to hold two succeeding attacks, letting price break past it, as well as nearby uptrend line. A clear weak attempt to test pushing price back above it resulted in a sharp rejection. Noticeable also ware margin traders' activities (Bitfinex): a considerable amount of longs closed (also shorts) -- resulting in a decreasing open interest.
As of this moment, it's reasonable to expect a visit to second moving average (light blue), around 7600 level, followed by some consolidation, and a potential pullback. Still, some good amount of doubt is reasonable as to wether BTCUSD will manage to break above trend line (TL) again, from this range -- let alone overcome dark blue average. If it does, frontier targets lie around 8500-600 and 8900.
Supporting this scenario is that it seems there is more steam arriving, implied by yellow average appearing below orange one, at around 7200 level. Another sign of a likely uptrend recovery and a top retest attempt is oscillator line (currently black) nearing up-trending magenta average.
Attention points:
- Marked areas;
- Touch to averages and horizontal lines;
- Touch to uptrend line (dotted blue);
- Any relevant margin activity, specially large claims (detected by margin enhancedvolume indicator).
Trade wisely. Stay in the game.
PhinkTrande
Note
Updating status. Riskier trade zone.
Note
Updated:Note
Update: So, BTCUSD was rejected by downtrend line, initially, as forecasted (1st chart, below, 72 mins). Still, some bullish structures are holding the price (second chart).
More consolidation or breakout? To be seen.
(ps. a new post on higher time frame will be published soon).
1st chart:
2nd chart:
Take care, and stay tuned!
PhinkTrade
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