BTSUSD More leaning towards bearish side
Updated
BTC is leaning more towards bearish side this week. Have been observing since start of this week. No buying pressure around present price action suggesting less buyers interested to buy at this price level. Mostly they are observing about how the price action is forming up this week and next week. Either way BTC volatility will be back soon, however, I am leaning more towards bearish side.
(1) Rising Wedge if forming up with weakness in RSI and Momentum.
(2) Volume is drying up indicating less interest at the present price level. However at this point, Vol profile does not look like BTC is diving down
(3) Have also shown Fib Pivots indicating Support and Resistance levels (dark Orange Horizonal Lines) along with Horizontal resistance and support zone (Red and Green respectively) based on the Price action. Please see that they are nicely aligning with FIB Retracement lines as well.
(4) These seems to be a good amount of Resistance between 3900 to 4100 with the less buyers present around this level with rising wedge forming, the path of least resistance is downwards with bearish indications.
If we break and close above 4100-4200 with high vol profile, then the picture changes and BTC become bullish in short term until then, It looks like We may go down to find test and find a support around 3400-3600 (we have 200 MA Support around 3400 at present and it looks pretty strong atm)
(1) Rising Wedge if forming up with weakness in RSI and Momentum.
(2) Volume is drying up indicating less interest at the present price level. However at this point, Vol profile does not look like BTC is diving down
(3) Have also shown Fib Pivots indicating Support and Resistance levels (dark Orange Horizonal Lines) along with Horizontal resistance and support zone (Red and Green respectively) based on the Price action. Please see that they are nicely aligning with FIB Retracement lines as well.
(4) These seems to be a good amount of Resistance between 3900 to 4100 with the less buyers present around this level with rising wedge forming, the path of least resistance is downwards with bearish indications.
If we break and close above 4100-4200 with high vol profile, then the picture changes and BTC become bullish in short term until then, It looks like We may go down to find test and find a support around 3400-3600 (we have 200 MA Support around 3400 at present and it looks pretty strong atm)
Trade active
Since Last two days daily open is below the previous day high. In addition 100 EMA Reject in the daily chart and unable to break 4k and 4100 Level with convincing close suggest that we have bearish scenario in play. Support and Resistance zones in the above idea are still valid.Note
Idea is still valid, Unable to break the resistance 3960 to 4000 USD along with absence of convinced volume validates the bearishness. From EW perspective on this looks more like a corrective upwards move most likely wave 4. If my Wave counting is correct, I still feel that we are yet to see Wave 5 (one more move downwards) I also think that apart from support levels show in the idea, we have solid support around 3460 (Weekly MA 200) and 3200 (monthly MA 50) There are solid chances that BTC will not fall below these key levels.
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