Evening Traders,
Today’s Technical Analysis – BTCUSD – a breakout is imminent as support and resistances converge.
Points to consider,
- $10,000 Psychological Resistance
- Up sloping support
- Declining volume (Apex)
- Range Median
- RSI above 50
- Stochastics equilibrium
BTCUSD’s current price is above its range median, .50, currently trading under the all important $10,000 Psychological resistance. BTCUSD is respecting its up sloping support; price is being pushed into its apex where a break will occur.
The RSI is above 50, indication of a bullish bias in the market, however NOT confirmed, we need further development.
Stochastics is coiling in equilibrium; momentum for the break is stored in both directions.
BTCUSD volume nodes are declining, an indication of an influx being imminent, this will be more likely when price breaks either key technical level, the $10,000 Psychological resistance and or up sloping support.
Overall, in my opinion, BTCUSD will have a break in the coming hours; a trade will be validated upon the direction of the break. It is important to monitor price action and volume leading up to the break as this will help avoid fake outs.
What are your thoughts?
Join me on twitter for live market updates!
And remember,
“Remember our definition of a winning attitude: a positive expectation of your efforts with an acceptance that whatever results you get are a perfect reflection of your level of development and what you need to learn to do better.”
― Mark Douglas
Today’s Technical Analysis – BTCUSD – a breakout is imminent as support and resistances converge.
Points to consider,
- $10,000 Psychological Resistance
- Up sloping support
- Declining volume (Apex)
- Range Median
- RSI above 50
- Stochastics equilibrium
BTCUSD’s current price is above its range median, .50, currently trading under the all important $10,000 Psychological resistance. BTCUSD is respecting its up sloping support; price is being pushed into its apex where a break will occur.
The RSI is above 50, indication of a bullish bias in the market, however NOT confirmed, we need further development.
Stochastics is coiling in equilibrium; momentum for the break is stored in both directions.
BTCUSD volume nodes are declining, an indication of an influx being imminent, this will be more likely when price breaks either key technical level, the $10,000 Psychological resistance and or up sloping support.
Overall, in my opinion, BTCUSD will have a break in the coming hours; a trade will be validated upon the direction of the break. It is important to monitor price action and volume leading up to the break as this will help avoid fake outs.
What are your thoughts?
Join me on twitter for live market updates!
And remember,
“Remember our definition of a winning attitude: a positive expectation of your efforts with an acceptance that whatever results you get are a perfect reflection of your level of development and what you need to learn to do better.”
― Mark Douglas