GBPTRY video top-down AnalysisHello everyone, here is the top-down analysis for GBPTRY, feel free to request any pair/instrument or ask any questions in the comment section below.
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10kpsychological
BTCUSD Key Levels|Pivotal Point|Volume Climax|10K PsychologicalEvening Traders,
Today’s Analysis – BTCUSD – breaking down once again from the $10,000 Psychological level, now trading at local resistance.
Points to consider,
- Impulse bear move down
- Local resistance (multiple confluences)
- Range support (bear target)
- RSI and Stochastics overextended
- Volume Climax evident.
BTCUSD’s impulse move down broke below local resistance which has multiple technical confluences.
The 200 MA is in confluence with the .382 Fibonacci retracement , body candle closes below or above this will give us a directional bias.
The bear target is range support; BTCUSD is in a clear range on the daily timeframe
Both RSI and Stochastics are recovering form overextended conditions, a swing low failure will be a bullish sign.
BTCUSD has established a volume climax node; this usually indicates a temporary bottom as price finds its equilibrium before its next impulse move.
Overall, in my opinion, BTCUSD’s price needs further development; price action will help with the directional bias as this is a pivotal point in the chart.
What are your thoughts?
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And remember,
“The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor.” – Jesse Livermore
