BTC/USD - Breaking Downside-New high just another Higher LOW?
Updated
Morning folks... so it looks like BTC has decided to pull back a bit after making a recent high to the 11.7K range. We see that price action has moved back below the longer term down trendline (blue line) and both trendlines of the triangle on my charts (black lines).
A measured move based on the lower trend line would put price action right to the 200EMA, which will likely show some signs of support, but from a daily perspective, I believe the red zone (fibo area) would be the next level of support should price break the 200EMA on the 4HR.
Price action is above the 200EMA on 4,3,2,and 1 hour charts, but testing and breaking on the 45min and below on 30 and 15. The longer price action stays below on the lower level, the more price will want to come back to touch the 200 on all other charts.
I have a feeling BTC is wanting to pull back to tough it again... the question being whether it does that on the daily.
Daily
A measured move based on the lower trend line would put price action right to the 200EMA, which will likely show some signs of support, but from a daily perspective, I believe the red zone (fibo area) would be the next level of support should price break the 200EMA on the 4HR.
Price action is above the 200EMA on 4,3,2,and 1 hour charts, but testing and breaking on the 45min and below on 30 and 15. The longer price action stays below on the lower level, the more price will want to come back to touch the 200 on all other charts.
I have a feeling BTC is wanting to pull back to tough it again... the question being whether it does that on the daily.
Daily
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Well.... price action has played out as I though taking slight pause at the 200EMA on the 4HR, before moving to the lower red zone on my chart. Will be watching to see how this plays out. Price action now has closes below the 200EMA on all charts from the 4HR down, so my bias remains to the downside. I would need to see price action move back above 200EMA on the 1HR with some solid closes there before that bias starts to change back.
While i'm not making this as a call, i would not be surprised to see price action move to $9500 - $ 9200 area. We'll have to wait and see.
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Price action continues to test that first red zone... going to watch to see how the daily candle closes today (above zone or in it?)One good thing in my opinion... the more 4HR candles that attempt to close in zone, but get pushed back and close above.... the more likely price will pull up from here.
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