Case study 11 progress report
Well guys from our previous analysis things went pretty well
So what are we looking at now and where are we.
Will we see a buy in BTCUSD or is this another test before a drop to 30 0000
At this point we don't know.
But what do we know.
Let's see
The question right now is
Are we at resistance
The answer yes
We just broke under the 33400 support level and it's being tested a break here could mean more bullish uswing.
what signals are we getting in terms of candles
We seeing a doji developing on the 4h time frame.
Usaully it's a good reversal signal but we are in a box range still.
It Usaully has less importance.
The fact that we are close to 30 000 could make it even less important.
But the bottom of the box is usauly the target.
what is the indicators showing us
THE Adx is just to bearish at this point to see the current rally as a long entry we could see another turn here.
THE Rsi seem to showing a stepcdown pattern with every upswing it's creating more space for more downswing
The Bollinger band is showing a snap away from the bottom line this could indicate a rally to the middle
The ichimoku cloud is starting to slope downwards
THe kensan and kunjin is still inside the cloud
Until we see it under the cloud we cannot say it's completely bearish
So with all said info is not enough to make a decision on what next
In cases like this we have to wait for a confirmation before a trade can be considered
I would say if you have a position open from the top of the signal provided or from the top of the drop where the
Bearish counter attack to place
Keep it open and wait for a break above 33450 before considering a close
Keep save guys
And remember this is trading advice only.
So what are we looking at now and where are we.
Will we see a buy in BTCUSD or is this another test before a drop to 30 0000
At this point we don't know.
But what do we know.
Let's see
The question right now is
Are we at resistance
The answer yes
We just broke under the 33400 support level and it's being tested a break here could mean more bullish uswing.
what signals are we getting in terms of candles
We seeing a doji developing on the 4h time frame.
Usaully it's a good reversal signal but we are in a box range still.
It Usaully has less importance.
The fact that we are close to 30 000 could make it even less important.
But the bottom of the box is usauly the target.
what is the indicators showing us
THE Adx is just to bearish at this point to see the current rally as a long entry we could see another turn here.
THE Rsi seem to showing a stepcdown pattern with every upswing it's creating more space for more downswing
The Bollinger band is showing a snap away from the bottom line this could indicate a rally to the middle
The ichimoku cloud is starting to slope downwards
THe kensan and kunjin is still inside the cloud
Until we see it under the cloud we cannot say it's completely bearish
So with all said info is not enough to make a decision on what next
In cases like this we have to wait for a confirmation before a trade can be considered
I would say if you have a position open from the top of the signal provided or from the top of the drop where the
Bearish counter attack to place
Keep it open and wait for a break above 33450 before considering a close
Keep save guys
And remember this is trading advice only.
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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.
Related publications
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.