BTCUSDT Healthy Correction [Short Position / 12hr]
• Looks like BTCUSDT is hitting the slopes again, it could find support at the Previous short-term resistance/Short-term support line (2480USDT) but that scenario looks unlikely because the Med-term resistance/Previous short-term support line (2025USDT) has a lot of buy volume indicating it is a solid support. My prediction is it will continue to the Med-term resistance/Previous short-term support line and then consolidate until it meets up with the trend that crosses over with that support.
• [TOP] OBV: OBV (White) line flat-lining while price was rising indicating near top.
• [TOP] Aroon: Aroon Down (Red) crossover of Aroon Up (Green) happened at 70 indicating a confirmation of the downtrend, Aroon Down line is already above 70 which indicates it is a strong downtrend.
• 200-day SMA: SMA line (Light green line that looks like staircase) Seems to be on track with meeting up with the trend
• [BOTTOM] MACD: MACD line (White) crossed through and under the Signal line (Light Green) indicating bearish momentum
• [SECOND FROM BOTTOM] RSI: RSI being between 30-70 indicates not oversold/overbought nor undersold/underbought
• TF: 12 hours
• BUY: $2480
• SELL $2080
• STOP/LOSS: $2525/$2500
• [TOP] OBV: OBV (White) line flat-lining while price was rising indicating near top.
• [TOP] Aroon: Aroon Down (Red) crossover of Aroon Up (Green) happened at 70 indicating a confirmation of the downtrend, Aroon Down line is already above 70 which indicates it is a strong downtrend.
• 200-day SMA: SMA line (Light green line that looks like staircase) Seems to be on track with meeting up with the trend
• [BOTTOM] MACD: MACD line (White) crossed through and under the Signal line (Light Green) indicating bearish momentum
• [SECOND FROM BOTTOM] RSI: RSI being between 30-70 indicates not oversold/overbought nor undersold/underbought
• TF: 12 hours
• BUY: $2480
• SELL $2080
• STOP/LOSS: $2525/$2500
Trade active
Trade closed manually
Going to make a new chart to re-evaluate the situation.Trade active
This chart should suffice for now actually.Trade closed manually
New chart up this weekNote
New BTCUSDT Chart ![Bitcoin nearing a buy zone [Market Geometry/EW]](https://s3.tradingview.com/j/jT9p7s1c_mid.png)
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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.