On the 4-hour chart of BTCUSDT, BITCOIN failed 4 times trying to break out of the 31k sideways zone. The most recent was on July 14, when the previous bullish breakout was almost nullified.
Currently, the price tends to move towards the lower end of the accumulation band. Here comes the red Resistance Price Barrier (PB) and the Strength Index (SI) as well as creating negative divergence.
We are expecting a increasing from BTC but it looks like it needs a retest lower region before turning back.
Currently, the price tends to move towards the lower end of the accumulation band. Here comes the red Resistance Price Barrier (PB) and the Strength Index (SI) as well as creating negative divergence.
We are expecting a increasing from BTC but it looks like it needs a retest lower region before turning back.
Note
Currently, the volume is decreasing, it seems that the buying force is not strong enough to hold this area.
I will set TrendLine at 29680 at create an alert to notify if the price break the support line which will begin a short form.
Note
BTC price broke the TrendLine we established earlier. Not surprisingly, the previous SI continuum produced a negative divergence. There might be a bit of color overlap but we can see that PB is showing a red barrier above the price bar.
Note
BITCOIN retested our line earlier at 29k6x, then went on to drop 2.7% since the previous breakout.
In the next update, I will spot the nearest support zone for BTC. If you find this interesting please give me a like or comment. Thank you!
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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.
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.