Bitcoin 4Hrs. 9/7/17-Stochastic and volume support hint?
Stochastic ocillator level went out of the overbought area (below 80) for the first time on august 6/8/17 at 23:00 P.M . It eventually got back over 80 and the uptrend continued for a few hours.
On todays lowest low (so far) there was a a big price dip that reached ($3176.52) wich was partially bough up by the bulls but still ended closing down bearish (large wicked bearish candlestick).
It was quite a dip, and it it just happened to find support at that same August 6 first stochastic crossing down 80 price level ($3176.52).
The Stochastic crossed down for the first time in an uptrend above both S.M.A's and with previous high buying volume so there was not real reason to short right away, the thing is that the uptrend had been rolling up for several hours, it was a big uptrend and that was the first time it lost buying pressure and it did so at the same price level as todays lowest low which is the first time we have had that much selling pressure (volume).
Its just a curious thing, and it could very well be just a coincidence, either way i will keep an eye on that $3176.52 usd price level as a good support level for the upcoming hours.
On todays lowest low (so far) there was a a big price dip that reached ($3176.52) wich was partially bough up by the bulls but still ended closing down bearish (large wicked bearish candlestick).
It was quite a dip, and it it just happened to find support at that same August 6 first stochastic crossing down 80 price level ($3176.52).
The Stochastic crossed down for the first time in an uptrend above both S.M.A's and with previous high buying volume so there was not real reason to short right away, the thing is that the uptrend had been rolling up for several hours, it was a big uptrend and that was the first time it lost buying pressure and it did so at the same price level as todays lowest low which is the first time we have had that much selling pressure (volume).
Its just a curious thing, and it could very well be just a coincidence, either way i will keep an eye on that $3176.52 usd price level as a good support level for the upcoming hours.
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