Bitcoin - Probably down a little more
Updated
Hello!
In this chart we can see three things that might point us the direction of the next move in BTC.
Prices are in a close range trading for the last candles (4 hours each), and volume has been decreasing, showing us no strengh to any side. With that in mind, if we pay attention to the 21 MA, it is going making contact with the price in some hours, usually when that happens, prices tend to move, as we can see in the previous movement, when the 21 MA made contact, prices went down.
The Stochastic RSI levels are high, and pointing down, which can show us where the next movevent may be headed. The previous combination of the contact with the 21 MA, low volume and high Stoch RSI pointing down, gave us a breakdown of BTC, it is possible that the same combination might give us the same result.
We can also see that we got a bearish flip on the Sequential, with a Red 1 showing up. If the next candle is a Red 2 below a Red 1, it might be a good opportunity for a short entry (taking profits quickly as well).
The momentum is still certainly bearish. The smart thing to do here is pay attention to the movements and minimize risk.
This is not financial advice.
Good luck to everyone!
In this chart we can see three things that might point us the direction of the next move in BTC.
Prices are in a close range trading for the last candles (4 hours each), and volume has been decreasing, showing us no strengh to any side. With that in mind, if we pay attention to the 21 MA, it is going making contact with the price in some hours, usually when that happens, prices tend to move, as we can see in the previous movement, when the 21 MA made contact, prices went down.
The Stochastic RSI levels are high, and pointing down, which can show us where the next movevent may be headed. The previous combination of the contact with the 21 MA, low volume and high Stoch RSI pointing down, gave us a breakdown of BTC, it is possible that the same combination might give us the same result.
We can also see that we got a bearish flip on the Sequential, with a Red 1 showing up. If the next candle is a Red 2 below a Red 1, it might be a good opportunity for a short entry (taking profits quickly as well).
The momentum is still certainly bearish. The smart thing to do here is pay attention to the movements and minimize risk.
This is not financial advice.
Good luck to everyone!
Note
Hello guys!Just a quick update. We are now heading downwards, and we are probably going to bake the floor here, if we have strong volume.
The analysis has confirmed!
Note
Note
Another update.We have broke the floor, but not with really strong volume, which means that the selling may be taking a break in the next hours or couple days.
Also, there is some bullish divergence in the chart for the moment. Let's see how it develops.
This is not financial advice.
Thanks!
Trade closed manually
Hello again!A quick update.
We can see that this little bullish divergence is starting to confirm and prices starting to move. Time to be pay attention.
It is likely that we will start a little rebound now, not sure how high it will go, or how long it will last.
In some hours we'll see the result of this.
This is not financial advice.
Thanks!
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