BTC/USD Intra-Day EST Morning Analysis - Price Consolidation
Hello everyone and welcome to another 
BTCUSD update!
This time we have a good chart without skewed trades from whales.
Like I (sort of) predicted yesterday morning, the price did fall down again around 1PM.
Looking at the next 2 hours, what will happen?
*Candlestick Analysis:*
There's some sticks that are long and some that are short, both in the buy and sell candles, so this tells me that prices are back to their normal variation.
The wicks are also varying, which means the market is back to normal. I'll look at a subset of them later.
Volume has gone down significantly compared to yesterday, which tells me that there are a lot of people waiting to sell or to buy. Let's look at a subset of this later.
*Support and Resistance:*
This is where things get interesting now
I see a head-and-shoulders pattern (blue line) from yesterday 19:30 to today 7:15. This means that the bull trend is coming to an end.
However, the MACD seems to be pointing to it going up, while the RSI says it is going to stay here.
We can see that the volume is dropping, which means people are waiting to see what happens.
Let's look at some candles again.
The wicks are still varying so there's not much we can say. However the bodies are not too small, which means that volatility is still happening. Ok, that wasn't helpful at all.
I'm having a hard time figuring this one out. I think I need to learn more patterns. I will take some time out to study or do other things and check back later.
*TLDR:*
My hunch says it will stay stuck around the current price (~$46) for the next 2 hours.
*Legal Notice:* Nothing in this publication is investment or financial advice, please trade at your own risk and comfort level.
BTCUSD update!This time we have a good chart without skewed trades from whales.
Like I (sort of) predicted yesterday morning, the price did fall down again around 1PM.
Looking at the next 2 hours, what will happen?
*Candlestick Analysis:*
There's some sticks that are long and some that are short, both in the buy and sell candles, so this tells me that prices are back to their normal variation.
The wicks are also varying, which means the market is back to normal. I'll look at a subset of them later.
Volume has gone down significantly compared to yesterday, which tells me that there are a lot of people waiting to sell or to buy. Let's look at a subset of this later.
*Support and Resistance:*
This is where things get interesting now
I see a head-and-shoulders pattern (blue line) from yesterday 19:30 to today 7:15. This means that the bull trend is coming to an end.
However, the MACD seems to be pointing to it going up, while the RSI says it is going to stay here.
We can see that the volume is dropping, which means people are waiting to see what happens.
Let's look at some candles again.
The wicks are still varying so there's not much we can say. However the bodies are not too small, which means that volatility is still happening. Ok, that wasn't helpful at all.
I'm having a hard time figuring this one out. I think I need to learn more patterns. I will take some time out to study or do other things and check back later.
*TLDR:*
My hunch says it will stay stuck around the current price (~$46) for the next 2 hours.
*Legal Notice:* Nothing in this publication is investment or financial advice, please trade at your own risk and comfort level.
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