Day of Reckoning for BTCUSD
Count the indicators:
1. Price action about to bounce off of downward channel line. Oy.
2. 200MA rejected two dailies attempting to reclaim the line.
3. BB Bands showing low velocity, bear expectation.
4. EMA 12/26 not showing the kind of separation one might expect in a bull market.
The longer this downward trend continues, the more that price action is going to need to show multiple/extra bull signals to confirm a reversal. One or two bull days, especially less than convincing ones (see: 200MA rejecting price, etc) isn't enough to pull BTC out of a near 5 month downward trend.
8000USD range is next legit support, followed by 6900 range.
1. Price action about to bounce off of downward channel line. Oy.
2. 200MA rejected two dailies attempting to reclaim the line.
3. BB Bands showing low velocity, bear expectation.
4. EMA 12/26 not showing the kind of separation one might expect in a bull market.
The longer this downward trend continues, the more that price action is going to need to show multiple/extra bull signals to confirm a reversal. One or two bull days, especially less than convincing ones (see: 200MA rejecting price, etc) isn't enough to pull BTC out of a near 5 month downward trend.
8000USD range is next legit support, followed by 6900 range.
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.