Hello Traders!
Today’s chart update will be on a trade setup currently forming on bitcoin, a decent bounce off from local lows after a bullish divergence has led Bitcoin to now resting on the EMA’s. We have clear levels of support and resistance to watch for a bullish on or bearish play.
Points to consider
- Oversold bounce came to fruition
- Price supported by EMA’s and .382 Fibonacci
- Local support at .236 Fibonacci
- Local resistance at .50 Fibonacci
- Stochastics in lower regions
- RSI in Nuetral territory
Price is currently being supported of the EMA’s which is in confluence with the .382 Fibonacci level, this needs to hold true for Bitcoin to break bullish from local support. Bulls do have a lot of room to work with in terms of putting in a higher low, which will increase the chance of putting in an equilibrium before a break. If Bitcoin decides to break current support, then the probability of a bear break of local support increases.
Regardless either break, it needs to be backed with decisive volume…
A safe entry bullish and or bearish will be on a close above and or below the key local support and resistant levels…
What are your thoughts on the probable trade set up?
Please leave a like and comment,
And remember,
Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
Today’s chart update will be on a trade setup currently forming on bitcoin, a decent bounce off from local lows after a bullish divergence has led Bitcoin to now resting on the EMA’s. We have clear levels of support and resistance to watch for a bullish on or bearish play.
Points to consider
- Oversold bounce came to fruition
- Price supported by EMA’s and .382 Fibonacci
- Local support at .236 Fibonacci
- Local resistance at .50 Fibonacci
- Stochastics in lower regions
- RSI in Nuetral territory
Price is currently being supported of the EMA’s which is in confluence with the .382 Fibonacci level, this needs to hold true for Bitcoin to break bullish from local support. Bulls do have a lot of room to work with in terms of putting in a higher low, which will increase the chance of putting in an equilibrium before a break. If Bitcoin decides to break current support, then the probability of a bear break of local support increases.
Regardless either break, it needs to be backed with decisive volume…
A safe entry bullish and or bearish will be on a close above and or below the key local support and resistant levels…
What are your thoughts on the probable trade set up?
Please leave a like and comment,
And remember,
Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
