BTC - Urgent Update
After yesterdays FOMC meeting the crypto markets were faced with lots of volatility and decisions to be made. Today is no different.
In regards to our previous post lets analyze the current price action. Price action was supported by the 200MA on the 1H (Blue line with green circle). Upon confirming the current support of the 1H 200MA we have now come to a very critical test. Price is again retesting our 1.618 of our micro trend and 0.618 of our macro trend at $28,850. At the same time we are retesting our old trendline of support (black upwards sloping trendline) as potential new resistance. So far we have not seen any confirmation closes back above this trendline so it is very important to be watching at the present moment. Also, our 1H RSI is close to overbought and trying to retest the trendline of where our bearish divergence was formed yesterday.
In regards to our previous post lets analyze the current price action. Price action was supported by the 200MA on the 1H (Blue line with green circle). Upon confirming the current support of the 1H 200MA we have now come to a very critical test. Price is again retesting our 1.618 of our micro trend and 0.618 of our macro trend at $28,850. At the same time we are retesting our old trendline of support (black upwards sloping trendline) as potential new resistance. So far we have not seen any confirmation closes back above this trendline so it is very important to be watching at the present moment. Also, our 1H RSI is close to overbought and trying to retest the trendline of where our bearish divergence was formed yesterday.
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