Structural Resistance| Low Volume | Key Trade Location

4. Feb. 2020Hello Traders!

Today’s chart update will be on big daddy BTC, which has been trading at a key trade location where a move from is highly probable before or on February 10th (measuring previous consolidation at this current level).

Points to consider,
- Trend testing major resistance
- POC local strong support level
- Stochastics topping out
- RSI trading in upper regions
- 200 MA retest probable
- Volume below average

BTCUSD’s trend is at a key structural technical level where a break will put in a macro higher high, further confirming a trend change. The POC is currently local support where BTC will most likely retrace to if the 200 MA fails to hold a retest.

The stochastics is currently topping out, can stay trading here for an extended period of time, however lots of stored momentum to the downside. RSI itself is trading above support; a break will increase the probability of a retest of the 200 MA and the POC.

The 200 MA retest is highly probable due to the market structure; a correction at some point is imminent. Volume on the other hand must increase and remain above average to ensure follow through in any direction.

Overall, in my opinion, BTC will most probably incur a move before or on February 10th as it has been trading quite stagnant at a key trade location. A move in either direction will dictate the overall market trend for Bitcoin.

What are your thoughts?

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And remember,

“Events, circumstances, and experiences arise and pass away. Winning trades, losing trades, fear, greed, sadness, happiness, and eventually your own life. Everything is in a constant flux. Learn to go through it with stability of mind. A meditation practice helps a lot.”
― Yvan Byeajee