LBCBTC | Key Pivot Point | Channel Support | Volume Influx
Today’s analysis – LBCBTC – Testing key support, price holding this level forms a higher low; first signs of trend continuation.
Points to consider:
- Macro-trend bullish
- Key level- channel support
- 21 EMA- visual guide
- Volume influx
- Oscillators oversold
LBCBTCs macro trend is bullish with consecutive higher lows and higher highs forming a probable ascending channel. This projection gives us a bullish bias on the market.
Price is at a key pivot point, channel support, respecting and holding above this level backs the bullish bias.
The 21 EMA acts as a visual guide upon strong trend continuation as it is historically respected by price action.
Recent volume influx solidifies channel support as a key level. Volume must remain above average to maintain a trend continuation and avoid any fake-outs.
Both, the RSI and Stochastics trading below 50, recovering from oversold conditions, a sign of weakness in the immediate market. However, further consolidation above 21 EMA will allow oscillators to recover with ample space to the upside before reaching overbought conditions.
Overall, in my opinion, as price continues to hold channel support, a long trade is validated upon an S/R flip of the 21 EMA with the immediate target being channel median.
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:
- Macro-trend bullish
- Key level- channel support
- 21 EMA- visual guide
- Volume influx
- Oscillators oversold
LBCBTCs macro trend is bullish with consecutive higher lows and higher highs forming a probable ascending channel. This projection gives us a bullish bias on the market.
Price is at a key pivot point, channel support, respecting and holding above this level backs the bullish bias.
The 21 EMA acts as a visual guide upon strong trend continuation as it is historically respected by price action.
Recent volume influx solidifies channel support as a key level. Volume must remain above average to maintain a trend continuation and avoid any fake-outs.
Both, the RSI and Stochastics trading below 50, recovering from oversold conditions, a sign of weakness in the immediate market. However, further consolidation above 21 EMA will allow oscillators to recover with ample space to the upside before reaching overbought conditions.
Overall, in my opinion, as price continues to hold channel support, a long trade is validated upon an S/R flip of the 21 EMA with the immediate target being channel median.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
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.