BTC to be rejected at 200 daily SMA on the CME?
BTC is presently testing the 200 SMA resistance (thick orange line) on the daily on the BTC CME futures chart.
If it drops below the 200 VWMA (thin orange line), then it will likely fall back to retest the Ichicloud at ca. 19.4K USD, recently flipped bullish again (green).
This will also enable the CME gap to be closed sooner rather than later first, before a possible continuation upward.
The PRISM Oscillators Set also indicates overbought condition (red background lited) presently.
Outlook: Bearish on the short-term (due to possible healthy price correction); and presently, still bullish on the mid-to-long term.
If it drops below the 200 VWMA (thin orange line), then it will likely fall back to retest the Ichicloud at ca. 19.4K USD, recently flipped bullish again (green).
This will also enable the CME gap to be closed sooner rather than later first, before a possible continuation upward.
The PRISM Oscillators Set also indicates overbought condition (red background lited) presently.
Outlook: Bearish on the short-term (due to possible healthy price correction); and presently, still bullish on the mid-to-long term.
Comment:
Note, the above is the BTCUSD 4hrly chart.
Below is the CME daily chart:
which looks more bullish compared to the daily and 4hrly chart on the BTCUSD.
Posting the daily BTCUSD chart here below as well for easy comparison:
Below is the CME daily chart:
which looks more bullish compared to the daily and 4hrly chart on the BTCUSD.
Posting the daily BTCUSD chart here below as well for easy comparison:
Bullish w-pattern breakout with retest of the breakout line.
Rejection at the 200 SMA.
Healthier in the longer term if BTC first falls to ca. 19.99kUSD or below (down to 18.5kUSD to find support above the daily w-pattern breakout line), thus closing the "CME gap" and establishing a higher low before proceeding higher.