BTC in dangerous Spot UPDATE
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DISCLAIMER: This is NOT FINANCIAL ADVICE.. THIS IS FOR EDUCATIONAL PURPOSES ONLY
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Sorry not much explanation very busy
BEARISH SIDE:
we are forming a classical downsteps and retest as we are approaching the weekly 50MA
we are having another rising wedge pattern below the previous support now resistance
we have bearish macd crossing with price below the ema 10 and 20 with a bearish crossover with opening slightly widening
on daily im not seeing a volume on the upside
RSI is neutral downward movement has room
we are still below MAs which they currently act as resistance as seen on classical textbook downtrend
update from
ON SEMI BULLISH SIDE:
possible bullish divergence may playout as I mentioned in my previous charts
we are still above the horizontal support and 0.618 fib level and weekly MA 50
we are still residing above the previous trend channel that I have drawn as a possible retest before going upside as we can see its following that path so far,,, but this doesnt have much confluence with the EMA and MA that's why I have redrawn the down trend channel
NEUTRAL:
we are still in a box consolidation range
DISCLAIMER: This is NOT FINANCIAL ADVICE.. THIS IS FOR EDUCATIONAL PURPOSES ONLY
##########################################################################################
Sorry not much explanation very busy
BEARISH SIDE:
we are forming a classical downsteps and retest as we are approaching the weekly 50MA
we are having another rising wedge pattern below the previous support now resistance
we have bearish macd crossing with price below the ema 10 and 20 with a bearish crossover with opening slightly widening
on daily im not seeing a volume on the upside
RSI is neutral downward movement has room
we are still below MAs which they currently act as resistance as seen on classical textbook downtrend
update from
ON SEMI BULLISH SIDE:
possible bullish divergence may playout as I mentioned in my previous charts
we are still above the horizontal support and 0.618 fib level and weekly MA 50
we are still residing above the previous trend channel that I have drawn as a possible retest before going upside as we can see its following that path so far,,, but this doesnt have much confluence with the EMA and MA that's why I have redrawn the down trend channel
NEUTRAL:
we are still in a box consolidation range
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