Most cryptos are currently in a correction phase.
On the DLY chart, the BTCUSD crossed the Tenkan Sen giving for the 3rd day an alert. However, and as of today, the Kijun Sen is still holding which signal that this movement is only minor a correction at this stage.
Closing below the KS would signal the break of the uptrend with the next support level at the Trending Line (yellow line) which served as support previously. Breaking that level will open the way for a deeper correction to the 0.786 level.
I've added 3 red dotted line to the chart where the market could correct to.
On the DLY chart, the BTCUSD crossed the Tenkan Sen giving for the 3rd day an alert. However, and as of today, the Kijun Sen is still holding which signal that this movement is only minor a correction at this stage.
Closing below the KS would signal the break of the uptrend with the next support level at the Trending Line (yellow line) which served as support previously. Breaking that level will open the way for a deeper correction to the 0.786 level.
I've added 3 red dotted line to the chart where the market could correct to.
Comment:
The Daily Kijun Sen is still holding, no downtrend signal given on this timeframe at of this moment.
Comment:
The Kijun Sen was strongly broken, reaching the previous Kijun Sen in extension (2nd red dotted line).
Breaking this level will open the way to a correction to the .786 fib level which is also the bottom line of the Andrew work.
Breaking this level will open the way to a correction to the .786 fib level which is also the bottom line of the Andrew work.