DLTBTC | Support Confluence | Low Volume | .618 Fibonacci
Todays Analysis – DLTBTC – Trading within a range as price retraces to test daily support
Points to consider:
- Support confluence
- Declining Volume
- RSI below 50
- Stochastics Oversold
DLTBTC needs to hold daily support upon retest as it confluences with the .618 Fibonacci resistance to substantiate the thesis of a long trade to structural resistance.
Volume has tapered off and below average. As price tests daily support, bull volume influx will be a key indicator supporting the bullish bias adding validity to the price action.
RSI has broken below 50 and is likely to decline further as price retraces to support, allowing for ample space for incline before reaching oversold conditions.
Stochastics reaching oversold condition and may remain oversold for some time. However, this also indicates stored momentum to the upside as the market shifts.
Overall, in my opinion, price needs to respect and hold daily support with evident volume follow through to validate a long trade to structural resistance with risk defined below support.
What are your thoughts?
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
Points to consider:
- Support confluence
- Declining Volume
- RSI below 50
- Stochastics Oversold
DLTBTC needs to hold daily support upon retest as it confluences with the .618 Fibonacci resistance to substantiate the thesis of a long trade to structural resistance.
Volume has tapered off and below average. As price tests daily support, bull volume influx will be a key indicator supporting the bullish bias adding validity to the price action.
RSI has broken below 50 and is likely to decline further as price retraces to support, allowing for ample space for incline before reaching oversold conditions.
Stochastics reaching oversold condition and may remain oversold for some time. However, this also indicates stored momentum to the upside as the market shifts.
Overall, in my opinion, price needs to respect and hold daily support with evident volume follow through to validate a long trade to structural resistance with risk defined below support.
What are your thoughts?
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
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