Update on BTCUSD: Is it ready to recover or move further downward? As seen in the charts I have highlighted some major evidences of slow recovery. Buyers are gaining more strength and the selling climax is slowing down. Educational part: The current phase is called as Selling Climax where price is being pushed down by strong Bearish pressure. What are the requirements to break this cycle? -> Bullish pressure is required to break this cycle. -> Candlesticks are showing long wicks (shadows). -> Any Bullish Reversal Candlestick patterns accompanied by a strong volume surge on the lowest candle. All these things are telling us that "smart money" is entering and is trying to break the cycle.
At the moment the price is hovering above strong support zone which is formed by 0.382 Fib level, bottom level of the descending channel and 10,700 support level.
This chart is explaining itself quite well and if you didn't understand something or do have some other questions feel free to post them down below!
Kind Regards Yarr The Pirate Crypto Cat!
評論
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The price bounced perfectly from the support zone and is back inside of the first possible reversal zone. :)
評論
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RSI & MACD Showing positive Divergence. The price needs to break 13,000 resistance level before moving further up.
Hello @yarr ! BTC goind down to 8300-8400. Look at this chart.
kwarty
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the top trend line has a little mistake..
hatoumtrader
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isn't it a bearish divergence on the last two highs?
yarr
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@rdias you are correct, it is a bearish divergence and what does the most right now is that if the price is going to break the support level of this pattern or not. In the longer period HISTOGRAM and RSI are showing bullish hidden divergence which is signaling of continuation in price movement. :)
Unblessed
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Time's proving u were right. Hope it keeps on!
vntexuser
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Thank you for your generosity of sharing the thought ;)