Insane movements yesterday, other BIG factors came into play so trading for BTC today is really tricky. It can easily move to the other side but I distinguished it to be more bearish due to the following reasons:
1. Strong downward pressure before reaching 9600 then sudden dump.
2. MACD at H1 and H4 is bearish .
3. Fib retracement, most likely, hasn't finished yet.
As mentioned, BTC is insane. Strong rejection at the 9100 level suggests other factors are in play. For now, it is best to watch price action and react in fastest way possible. It being bearish , can turn bullish anytime if it passes the 9700 level easily. However, I believe it must visit a lower value first, around 8800 to 8600.
Thick yellow lines - end of range
Thin yellow lines - minor resistances
Purple arrows - possible movement/scenarios today
Don't bet the whole farm, have a good risk reward ratio. Price action can be really, really different from this post. Various FACTORS are in play, but this chart is meant to be easy to read.
Be wary of false breaks! Trading is RISKY, always put stop losses.
TRADING IS REACTIVE, NOT PREDICTIVE.
1. Strong downward pressure before reaching 9600 then sudden dump.
2. MACD at H1 and H4 is bearish .
3. Fib retracement, most likely, hasn't finished yet.
As mentioned, BTC is insane. Strong rejection at the 9100 level suggests other factors are in play. For now, it is best to watch price action and react in fastest way possible. It being bearish , can turn bullish anytime if it passes the 9700 level easily. However, I believe it must visit a lower value first, around 8800 to 8600.
Thick yellow lines - end of range
Thin yellow lines - minor resistances
Purple arrows - possible movement/scenarios today
Don't bet the whole farm, have a good risk reward ratio. Price action can be really, really different from this post. Various FACTORS are in play, but this chart is meant to be easy to read.
Be wary of false breaks! Trading is RISKY, always put stop losses.
TRADING IS REACTIVE, NOT PREDICTIVE.