BTCUSD Internal S/R| Local S/R| .618 Fibonacci| Price Action Evening Traders,
Today’s analysis – BTCUSD – trading below its Local S/R where a deviation further down is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Resistance
(200 MA, VWAP, POC Confluence)
- .618 Fibonacci Objective
- RSI Neutral
BTCUSD’s immediate price action is impulsive, under local resistance that has multiple technical confluence, allowing for a bias for lower prices.
The .618 Fibonacci in the current objective, testing this level will allow for long entries.
The RSI is currently neutral, remaining in these levels is indicative of indecision in the market.
Overall, in my opinion, BTCUSD is a valid long at lower prices, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeaje
