BTCUSD - Trading in formation? Important levels to watch!

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Hello traders investors and community, today I will have a look at the current price action BTCUSD is providing us.
We are looking locally on BTCUSD with possible short term trade entry.
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Currently, BTCUSD is forming a descending wedge on the 2-hour timeframe, these types of patterns are known for a break-out to the upside.
However, we have resistance in bitcoins trading range at 8555 and 8745, which where we have a pull-back when we touch it.
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The bullish outcome of the wedge is expected but we have to watch out with how much volume and momentum the break-out occurs.
As for now the volume looks rather weak then bullish . A possible short term LONG position can be entered whether in the orange support area seen in my
chart or with a break-out and confirmation of the wedge .
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We have strong support between 7670 and 7850 where a price bounce is highly likely when we visit this are again. At a bullish continuation the 8000 USD
are is very important where we seen several bullish upthrust which where a part of the range formation in which BTCUSD is trading now.
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The RSI is sending neutral signals right now, as i changed the RSI value from 14 to 28 to have a better look on locally price action which differs on the 2-hour
time-frame from the 4-hour time-frame. A visit of 15 - 30 in the RSI will give a bullish signal.
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Thanks for watching! May you have a good day and all trades going well! For more market insight feel free to support!
The information provided is for educational purposes only and should not be used to take action in markets.
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評論:

Support between 7850 and 7910

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Overall range support between 7670 and 7800

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Low momentum on the daily time-frame

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Bounced at support

交易進行

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Bitcoin confirming triangle now

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Definite break-out of wedge happened

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Confirming range support/resistance now

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Information provided is only educational and should not be used to take action in markets.