OCEANBTC Local S/R| .50 Fibonacci| 200 MA| Price Action
Evening Traders,
Today’s analysis – OCEANBTC- trading above Local S/R with technical confluence, a bounce here is probable.
Points to consider,
- Price action impulsive
- Local S/R Support (200 MA& .50 Fibonacci)
- Upper Local S/R Resistance
- Oscillators Diverting
- Volume influx
OCEANBTC’s immediate price action is testing a key trade location with strong support; this allows us to have a bullish bias on the market.
The Local S/R is current support; price action is likely to respect this level due to technical confluence with the .50 Fibonacci and 200 MA.
The upper Local S/R is resistance, being the target; a bearish retest here is probable.
Both oscillators are currently neutral; remaining in their respective bullish control zones will allow us to maintain our bullish bias.
The volume profile has a valid volume climax, this is indicative of selling momentum being extended. Any bull moves now need to be backed with increase bull volume.
Overall, in my opinion, OCEANBTC is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
Today’s analysis – OCEANBTC- trading above Local S/R with technical confluence, a bounce here is probable.
Points to consider,
- Price action impulsive
- Local S/R Support (200 MA& .50 Fibonacci)
- Upper Local S/R Resistance
- Oscillators Diverting
- Volume influx
OCEANBTC’s immediate price action is testing a key trade location with strong support; this allows us to have a bullish bias on the market.
The Local S/R is current support; price action is likely to respect this level due to technical confluence with the .50 Fibonacci and 200 MA.
The upper Local S/R is resistance, being the target; a bearish retest here is probable.
Both oscillators are currently neutral; remaining in their respective bullish control zones will allow us to maintain our bullish bias.
The volume profile has a valid volume climax, this is indicative of selling momentum being extended. Any bull moves now need to be backed with increase bull volume.
Overall, in my opinion, OCEANBTC is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone