BTCUSD Swing High| Monthly S/R|.50 Fibonacci|Volume Climax|PA
Evening Traders,
Today’s analysis – BTCUSD – breaking back below Monthly S/R, pull backs on low volume indicates weakness,
Points to consider,
- Impulse Price Action
- Local S/R Support
- Resistance Confluence
- Oscillators Below 50
- Volume Climax
BTCUSD’s immediate price action is bearish by breaking below Monthly S/R, this allows us to have a bearish bias on the market.
The Local S/R is current support that has been tested, holding this level is key to maintaining structure, short target.
The Dynamic Resistance from the Ascending Broadening Wedge is valid; price action has activated this pattern by breaking bearish . This level is also in confluence with the .618 Fibonacci and 200 MA, adding to the probability of a short.
Both oscillators are trading below 50; this indicates weakness in the intermediate term. The current volume profile has a valid climax signalling a temporary bottom. Price Action is likely to trade between Monthly and Local S/R in the short term.
Overall, in my opinion, BTCUSD is a valid short with defined risk; price action is to be used upon discretion management of trade.
Hop this analysis helps
Thank you for following my work!
And remember,
“Never let a win go to your head, or a loss to your heart.” – Chuck D.
Today’s analysis – BTCUSD – breaking back below Monthly S/R, pull backs on low volume indicates weakness,
Points to consider,
- Impulse Price Action
- Local S/R Support
- Resistance Confluence
- Oscillators Below 50
- Volume Climax
BTCUSD’s immediate price action is bearish by breaking below Monthly S/R, this allows us to have a bearish bias on the market.
The Local S/R is current support that has been tested, holding this level is key to maintaining structure, short target.
The Dynamic Resistance from the Ascending Broadening Wedge is valid; price action has activated this pattern by breaking bearish . This level is also in confluence with the .618 Fibonacci and 200 MA, adding to the probability of a short.
Both oscillators are trading below 50; this indicates weakness in the intermediate term. The current volume profile has a valid climax signalling a temporary bottom. Price Action is likely to trade between Monthly and Local S/R in the short term.
Overall, in my opinion, BTCUSD is a valid short with defined risk; price action is to be used upon discretion management of trade.
Hop this analysis helps
Thank you for following my work!
And remember,
“Never let a win go to your head, or a loss to your heart.” – Chuck D.
Join my free telegram! t.me/chartdoctorsanconsultants
Follow me on Twitter! twitter.com/pinkdawn__
Follow me on Twitter! twitter.com/pinkdawn__
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.