After a steady climb for 7 days BTC is correcting now for the 2nd day in a row. Is there reason for concern? Let's take a look at TA:
- Volume slightly declining
- High failed to breach the 11917 R level for the 2nd time and was slightly lower than the high on 20th feb
- Price is testing 1) 2 valid trend lines (4HR) 2) the 50 EMA on the 1D and 3) the strong 10700 S level
- RSI showing increase in momentum but might break the uptrend. Needs to stay above 50 to remain bullish.
2 Scenarios
1) Falls below 10700. If it does then we look to see how it responds to the lower S levels. The 9232 level is strong as is also the 0.236 fib level from the 2018 H/L. If we see a swing low in the green box this will be an excellent buy opportunity.
2) Bulls take control again, further validating the up-trend lines. Look for how price behaves with identified R levels, particularly for a daily close above the 11920 level.
"Luck is what happens when preparation meets opportunity"
This is not investment advice. Please DYOR
Comments/Thoughts always welcomed below
KEY:
Black horizontal - Support/Resistance on 1D (dotted black is on LTF usual 4HR)
Red Box - S Zone based on prior S
Green Box - R zone based on prior R
Green diagonal - Trend on 1D (dotted is on LTF
- Volume slightly declining
- High failed to breach the 11917 R level for the 2nd time and was slightly lower than the high on 20th feb
- Price is testing 1) 2 valid trend lines (4HR) 2) the 50 EMA on the 1D and 3) the strong 10700 S level
- RSI showing increase in momentum but might break the uptrend. Needs to stay above 50 to remain bullish.
2 Scenarios
1) Falls below 10700. If it does then we look to see how it responds to the lower S levels. The 9232 level is strong as is also the 0.236 fib level from the 2018 H/L. If we see a swing low in the green box this will be an excellent buy opportunity.
2) Bulls take control again, further validating the up-trend lines. Look for how price behaves with identified R levels, particularly for a daily close above the 11920 level.
"Luck is what happens when preparation meets opportunity"
This is not investment advice. Please DYOR
Comments/Thoughts always welcomed below
KEY:
Black horizontal - Support/Resistance on 1D (dotted black is on LTF usual 4HR)
Red Box - S Zone based on prior S
Green Box - R zone based on prior R
Green diagonal - Trend on 1D (dotted is on LTF
