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Fibanacci

BITCOIN Breakout Imminent! Hello Traders, Welcome to an update on BTC recent developments, Inside Bars Broke! Points to consider, - Testing support line, potential HL - Price rejected from .618 Fibonacci zone - Overall volume spike - Bart pattern back into support line - EMA’s acting as resistance to price - Stochs in lower regions - RSI is in neutral territory - Bull impulses are getting smaller Bitcoin has recently had a dump from a major technical zone, the .618 Fibonacci retracement and structural resistance being in confluence, was too strong for the bulls. Price retraced back to the trend line which is currently holding as valid support. This trend line is a crucial support base for the bulls as we are coming closer into the formations apex, the HL and LH will have to cross in the near future. We can see a potential bearish divergence forming, but this will be more probable if the RSI retests its upper potential resistance zone (Orange Ellipse). The Stochastics is in lower regions, telling us that upwards momentum is probable, this will be valid as it will allows the RSI to retest upper resistance, further putting emphasis on the bearish divergence. The VPVR shows low volume of transactions after local support level, Bears are able to pick up momentum if price was to break support. We must also consider that the EMA’s are currently giving price resistance, an upper edge to the bears… A Break from the support line will send BTC to test local support levels, (green zones), posting gains of a potential 12.6%. A break bullish can really change the structure of BTC, taking out the previous Lower Highs; will allow posting gains of 16.5%, remember to use stop losses when trading breakouts! Overall a break either way can tell us which direction BTC is headed on the Macro timeframe, we will either test yearly lows or head up and above all-time highs with in the next couple months… What are your thoughts? Will BTC break trend line and test lower support levels, or will BTC break through resistance and put in a higher high… Please leave a like and comment, And remember Limit your size in any position so that fear does not become the prevailing instinct guiding your judgment - Joe Vidich
BITMEX:BTCUSD.PShort
by AzizKhanZamani