BTC is repeating the same exact move it did from September 5TH to Sep 15TH (10DAYS).
This current move started from on OCT 30th and will most like finish on November 08th or 09Th the lastest.
We could see a drop back to 6380-6400 range to completely cool off the RSI.
The volume still low.
Have to remember that BTCUSD never drop on average more than 2% in any month of November ( from the opening price of the month), at least since 2013.
If that historical trend holds, which is what btc is doing now, I dont expect a severe drop in the next 3 weeks.
This current move started from on OCT 30th and will most like finish on November 08th or 09Th the lastest.
We could see a drop back to 6380-6400 range to completely cool off the RSI.
The volume still low.
Have to remember that BTCUSD never drop on average more than 2% in any month of November ( from the opening price of the month), at least since 2013.
If that historical trend holds, which is what btc is doing now, I dont expect a severe drop in the next 3 weeks.
Note
The RSI trendline IS BROKEN on the 4H timeframe, but price still within its trendline. BTCUSD could retest 6550 before dumping to 6380 region, which is 0.618 rigion.
The next upside move will be more aggresive. Could see 6700 early next week
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We have perfectly reached our target to 6400 region and the price trendline was broken as expected. The RSI followed exactly as we anticipated it, but it still has room cool off more. This mean that the tager of 6380 could still be in play. if you wanna maximize profit you could wait for it. From it current price range of 6420, our next first stop for BTCUSD is 6700-6730.
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Bulls are fighting to mainting the current price range. we have seen to bottom rejectioon on teh 4H chart. Im expecting a third rejection if the price get push down.
BTCUSD has a fingerprint pattern. Treat it it like a Chromatogram
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The daily chart looks very bearish. Seems like if price is not supported at 6380, price could head to 6280. Both RSI and RVS have a strong support trendline in case price drop to 6280Trade active
BTCUSD seems that it is ready to break the downward pressure. Price could no be pressed bellow 6380, A strong support was shown at 6391.Time to continue the uptrend. The downward channel is nicely formed, and it is ready to be broken, so does the RSI.
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Price is attempting to find its way out of the down trend. So does the RSI. They both broke the trend line. Volume is extremely low. But price still manage to get out of the pressure. Both RSI and Price are support the reversal.
A sudden sell off back to 6395-6410 could be in play because the is a huge divergence on the 15m chart.
4H Chart
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15mn is actually supporting the price movement. I must been looking at another chart for the divergence I mentione on the above commentNote
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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.