BTCUSDT: Next 8 Hours Critical for Direction
Aktualisiert
Hey Guys,
While I was updating my running TA on BTC. I noticed that a Symmetrical Triangle has formed on the 4 hour.
4H MACD tells us that the momentum of the market is swinging towards the bears favor but the rate of change seems to be slowing down. I have a feeling that the next 2 bars will help define the next few days of trading.
As for resistance, we see multiple resistance levels converging. Notably the 50 EMA, the 50% Fib, top of falling channel (red dotted line). One the breakout, I am going to be targeting 13300. On the breakdown, I am going to be targeting the previous lows around 8,500 to 9,000.
While I was updating my running TA on BTC. I noticed that a Symmetrical Triangle has formed on the 4 hour.
4H MACD tells us that the momentum of the market is swinging towards the bears favor but the rate of change seems to be slowing down. I have a feeling that the next 2 bars will help define the next few days of trading.
As for resistance, we see multiple resistance levels converging. Notably the 50 EMA, the 50% Fib, top of falling channel (red dotted line). One the breakout, I am going to be targeting 13300. On the breakdown, I am going to be targeting the previous lows around 8,500 to 9,000.
Kommentar
Still trading within the channel. If BTC can hold I see this as a full reversal and will start looking for long positions.
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