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BTCUD Ascending Triangle|Structural Resistance|Apex| Low Volume Evening Traders, Today’s analysis will focus on Bitcoins immediate price action; it is consolidating under key resistance which is quite bullish, although the macro trend is still bearish. Points to consider, - Macro trend bearish - Consolidation under local resistance - Current support (100 and 21 EMA) - RSI respecting trend - Stochastics projected down - Volume declining BTC is still in a macro downtrend, putting in consecutive lower highs on the daily timeframe. Currently consolidating under local resistance, this can be seen as a bullish sign as buyers are willing to buy at these levels. Support is deemed from the 100 and 21 EMA, this is very close to the ascending triangle apex indicating a move is imminent. The RSI is respecting its trend, a break will test its support, if this occurs, BTC will follow for a retest of its ascending support line. Stochastics are projected down; the immediate momentum is to the down side, again putting more emphasis on BTC test its ascending support. The Volume nodes are declining; this indicates that volatility is around the corner as price is trading in its apex. Overall, in my opinion, BTCUSD is consolidating under local resistance in a probable ascending triangle. A break up will likely send price to structural resistance, a test of this level may reject BTC, thus putting in more emphasis on a bear flag (too early to tell at the moment). What are your thoughts? Please leave a like and comment, And remember, The market can stay irrational longer than you can stay solvent. - John Maynard Keynes
BYBIT:BTCUSD.PLong
by AzizKhanZamani
2
Daily Higher Low? | Possible Equilibrium Hello Traders! Today’s chart update will be on XRPBTC that is putting in a probable higher low on the daily chart. This will increase the probabilities of a trend change, a confirmation will come to fruition when structural resistance is broken. Points to consider, - Trend change – Higher low - 200 MA to break - Stochastics neutral - RSI coming of oversold - Volume declining XRPBTC is highly probable of putting in a trend change if this higher low holds; equilibrium is possible before an influx break. The 200 MA is a key resistance level that XRPBTC needs to break, it has suppressed price successfully once broken. The stochastics is currently neutral; momentum is stored in both directions. RSI has bounced of oversold conditions, must break its resistance which has rejected the RSI multiple times. Volume is clearly declining, signalling an influx of volume coming to fruition as the possible equilibrium forms out. Overall, in my opinion, XRP is forming a potential equilibrium if it holds this higher low. An influx of volume will dictate the directions of the equilibrium break. What are your thoughts? Please leave a like and comment, And remember, Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
by AzizKhanZamani
BTCUSD - Bearish Pennant – Bear Break? Key Levels Hello traders! Today’s chart update will be on BTCUSD where it has formed a bearish pennant which is a continuation pattern. Will Bitcoin break bearish? Points to consider, - Clear bears in control - Price testing support zone - Local resistance provided by EMA’s - Stochastics projected downwards - RSI testing support - Volume declining Bitcoin is heading to its apex where a break is imminent; price is currently testing a key support zone that needs to hold. This support zone is in confluence with the support line of the bearish pennant. Local resistance is being provided by the EMA's giving the bears an edge as price tests support. Resistance looks strong as we are in an established bear trend. The stochastics is trading in the upper region, can stay here for an extended period of time, however lots of stored momentum to the downside. The RSI is currently testing its support level; a break will send it closer to oversold conditions. Volume is clearly declining as price comes closer to its apex; we need an influx of volume which will confirm a break. Overall, in my opinion, a break will come to fruition shortly with an influx of volume. We are in a bearish trend with a bear pennant which serves as a continuation pattern. Bitcoin is more likely to test lower levels. What are your thoughts? Please leave a like and comment, And Remember, “Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb **Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
BYBIT:BTCUSD.PShort
by AzizKhanZamani