BTC's movement for today is bull biased due to the following reasons:
1. MACD at H1 is open upwards and RSI at H4 is oversold
2. Falling wedge pattern usually favors long.
3. Fib retracement is likely finished and will go up now.
The falling wedge can be a diversion or just an illusion of mine but still possible to break either way. 8500 proved to be a good support and this can support the bull biased. You can trade short for now til the end of falling wedge since the end of the wedge is a demand zone and can go up that time. So for today, it really is bull biased for me. AGAIN, price action can be a lot different from this post and my opinion
Thick yellow lines - end of range
Thin yellow lines - minor resistances
Purple arrows - possible movement/scenarios today
Please do your own research and continue to watch the price action. Have a good risk reward ratio!
DON'T BET THE WHOLE FARM. Be wary of false breaks! Trading is RISKY, always put stop losses.
TRADING IS REACTIVE, NOT PREDICTIVE.
1. MACD at H1 is open upwards and RSI at H4 is oversold
2. Falling wedge pattern usually favors long.
3. Fib retracement is likely finished and will go up now.
The falling wedge can be a diversion or just an illusion of mine but still possible to break either way. 8500 proved to be a good support and this can support the bull biased. You can trade short for now til the end of falling wedge since the end of the wedge is a demand zone and can go up that time. So for today, it really is bull biased for me. AGAIN, price action can be a lot different from this post and my opinion
Thick yellow lines - end of range
Thin yellow lines - minor resistances
Purple arrows - possible movement/scenarios today
Please do your own research and continue to watch the price action. Have a good risk reward ratio!
DON'T BET THE WHOLE FARM. Be wary of false breaks! Trading is RISKY, always put stop losses.
TRADING IS REACTIVE, NOT PREDICTIVE.
Comment:
It is also good to mention that stocks are downtrend and gold is on uptrend. I don't know why BTC is not yet being pumped, it can also be just a late reaction. WATCH OUT!