Unlikely XBT Break Below 6200 Region Within 2 Hours
XBT held above the MA200 for 2 Hour period. Held above bottom trend line formed from bottom of last weeks wick. RSI and LSMA are on an upwards cycle. This likely indicates that on the upcoming 8 HR, 12 HR, and Daily timeframes we may not see the RSI experience strong downward pressure and any indication towards downward pressure may result in sideways trading in the relative timeframes. Unless a strong downward movement is experienced soon we may be in a consolidation phase around the 6200-6600 level. If this holds we will most likely see upward price action following this accumulation. If we break the MA200 in the 2 hour candles we may see downward pressure in the coming days.
This is not financial advice. Trade according to your own analysis, manage risk exposure by only trading a percentage of your asset, and put stop losses in place. I do not recommend shorting, but if you do always put a stop loss in place. For long positions put a stop loss in place if funds are relied upon for investment elsewhere. As should be noted financial markets are in a great period of uncertainty at the moment; pending the global virus developments stock markets may experience more volatility and downward pressure which could result in investors taking XBT profits at these levels from last weeks lows, preventing strong movement upwards and possibly creating downward price action.
This is not financial advice. Trade according to your own analysis, manage risk exposure by only trading a percentage of your asset, and put stop losses in place. I do not recommend shorting, but if you do always put a stop loss in place. For long positions put a stop loss in place if funds are relied upon for investment elsewhere. As should be noted financial markets are in a great period of uncertainty at the moment; pending the global virus developments stock markets may experience more volatility and downward pressure which could result in investors taking XBT profits at these levels from last weeks lows, preventing strong movement upwards and possibly creating downward price action.
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