BTC Bitfinex: next 4-6 hours critical
Hi all,
clear descending triangle pattern (usually bearish). Price got rejected at 0.618 Fib level, which I would consider as normal pullback.
RSI is in uptrend, but Stoch RSI (which I would consider more appropriate in ranging markets) is in overbought area. MACD crossed bullish but is still below midline. Volume is low which could mean another bearish impulse.
Next 4-6 hours should be decisive.
Short term bullish scenario: Close above green descending trendline.
Bearish scenario: Close below red horizontal line (of descending triangle).
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Comments are welcome.
Please like & follow for more TA.
DISCLAIMER:
This is neither a trading nor a financial advice.
You are responsible for your own actions so do your own research.
clear descending triangle pattern (usually bearish). Price got rejected at 0.618 Fib level, which I would consider as normal pullback.
RSI is in uptrend, but Stoch RSI (which I would consider more appropriate in ranging markets) is in overbought area. MACD crossed bullish but is still below midline. Volume is low which could mean another bearish impulse.
Next 4-6 hours should be decisive.
Short term bullish scenario: Close above green descending trendline.
Bearish scenario: Close below red horizontal line (of descending triangle).
------------
Comments are welcome.
Please like & follow for more TA.
DISCLAIMER:
This is neither a trading nor a financial advice.
You are responsible for your own actions so do your own research.
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.