BTC/USD - BTC BOUNCES OFF FIB LEVEL & REACHES FIRST RESISTANCE.
Updated
TA Update & Thoughts on BTC Looking at our Indicators:
Where have we been with btc, after falling pretty hard and everything being in the red we fell down to the fibtrace level (dark blue line) and bounced off it. Look at the amount of action all the way back to last year, bounced right off that significant level.
Moved upwards and we are crossing the downtrend line (red line) all the way back from the all time high (ATH) in December, retrace of approx. 70%. Will be interesting if this holds and pass through or we come back down hug this line or fall through. all is possible.
We now are at our resistance level (light blue line) and will be interesting to see how this plays out, we may move up towards the brown line, or struggle to get through the current resistance (light blue) and fall further lower.
We can watch for a tk cross higher up if we continue and whilst being a more risky trade as price is still considered bearish below the red cloud i'm considering putting something on for short move to the lower line of the cloud.
Whats going to happen next?!
Who knows.. Right now we can be reactive to what happens in front of us, we need to have a plan if it goes one way of the other its near impossible to predict.
But Looking at RSI we are sitting in the middle, Stoch rsi is high and with maybe due to cross, MACD is low and maybe crossing soon but not much volume since November to March/April and thats more of a problem. I think if we get volume, we could move higher to the brown line might be a nice trade opportunity, but from there we still at this stage imo we look bearish and may find resistance at the bottom cloud line or within it before returning lower. Need to watch it and see what play out.
* this is not trading advise and only my thought *
Where have we been with btc, after falling pretty hard and everything being in the red we fell down to the fibtrace level (dark blue line) and bounced off it. Look at the amount of action all the way back to last year, bounced right off that significant level.
Moved upwards and we are crossing the downtrend line (red line) all the way back from the all time high (ATH) in December, retrace of approx. 70%. Will be interesting if this holds and pass through or we come back down hug this line or fall through. all is possible.
We now are at our resistance level (light blue line) and will be interesting to see how this plays out, we may move up towards the brown line, or struggle to get through the current resistance (light blue) and fall further lower.
We can watch for a tk cross higher up if we continue and whilst being a more risky trade as price is still considered bearish below the red cloud i'm considering putting something on for short move to the lower line of the cloud.
Whats going to happen next?!
Who knows.. Right now we can be reactive to what happens in front of us, we need to have a plan if it goes one way of the other its near impossible to predict.
But Looking at RSI we are sitting in the middle, Stoch rsi is high and with maybe due to cross, MACD is low and maybe crossing soon but not much volume since November to March/April and thats more of a problem. I think if we get volume, we could move higher to the brown line might be a nice trade opportunity, but from there we still at this stage imo we look bearish and may find resistance at the bottom cloud line or within it before returning lower. Need to watch it and see what play out.
* this is not trading advise and only my thought *
Note
Note
4HR CHART SHOWS WE ARE CONSOLIDATING IN THE CLOUD. RSI, STOCHRSI, MACD are all high which means i fee we will move back to the red down trend line in the short term..
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