Hello Traders,
Update on BTC's recent developments,
Points to consider
- Still in an upwards trend on the 4 hour
- Currently testing support which is in confluence with the .618 Fibonacci line
- RSI severely oversold, we need to see it break this resistance for a pop back to neutral territory
- Stoch starting to show signs of upwards momentum
- Bull Volume bar close after several bear closes
- Visibly increased volume
- EMA's have not caught up with price but, we need to see a cross over otherwise still bearish
BTC is looking like its due for a small bounce in the near future before a continued roll back to retest previous support of around $8900. RSI and Stochs are starting to show signs of reversing after reaching ridiculous low historic levels. We have had a sharp fall in price, its is only natural for the market to experience a relief rally, which may top out at the .50 Fibonacci line, now acting as the next possible resistance zone...
What are your thoughts ?
Please leave a like and comment,
and remember,
“It does not matter how slowly you go as long as you do not stop.” - Confucius
Update on BTC's recent developments,
Points to consider
- Still in an upwards trend on the 4 hour
- Currently testing support which is in confluence with the .618 Fibonacci line
- RSI severely oversold, we need to see it break this resistance for a pop back to neutral territory
- Stoch starting to show signs of upwards momentum
- Bull Volume bar close after several bear closes
- Visibly increased volume
- EMA's have not caught up with price but, we need to see a cross over otherwise still bearish
BTC is looking like its due for a small bounce in the near future before a continued roll back to retest previous support of around $8900. RSI and Stochs are starting to show signs of reversing after reaching ridiculous low historic levels. We have had a sharp fall in price, its is only natural for the market to experience a relief rally, which may top out at the .50 Fibonacci line, now acting as the next possible resistance zone...
What are your thoughts ?
Please leave a like and comment,
and remember,
“It does not matter how slowly you go as long as you do not stop.” - Confucius