The BTCUSD pair made it's first move up after this correction.
What does TA say?
We reached the 0,382 fib level from the bottom of the correction. This is the first hurdle we need to take to really say the correction is over.
So far the level hasn't been flipped into support. So either we turn it into support or we move lower for a reload. On the 1hr timeframe we can see bearish divergences. These can suggest that momentum is fading and we can make a pullback to the green reload zone (between fib 0,618 and 0,786). This is also where we can find the ascending trendline from higher timeframes that can be used as support for the next leg up.
I'm keeping an eye on
I'm expecting he 45800 - 44700 range to be the turnaround point. This might be a good place to add some BTC to your stack
After this we need to flip 48800 into support.
The range between 52000 - 55000 is also an important level to keep an eye on (fib 0,618 and 0,786), this can be a place where pro's start a short.
After this we're back aiming at ATH
Only time will tell ;)
What do you think, do you see things differently? Let me know!
Cheers,
W
What does TA say?
We reached the 0,382 fib level from the bottom of the correction. This is the first hurdle we need to take to really say the correction is over.
So far the level hasn't been flipped into support. So either we turn it into support or we move lower for a reload. On the 1hr timeframe we can see bearish divergences. These can suggest that momentum is fading and we can make a pullback to the green reload zone (between fib 0,618 and 0,786). This is also where we can find the ascending trendline from higher timeframes that can be used as support for the next leg up.
I'm keeping an eye on
I'm expecting he 45800 - 44700 range to be the turnaround point. This might be a good place to add some BTC to your stack
After this we need to flip 48800 into support.
The range between 52000 - 55000 is also an important level to keep an eye on (fib 0,618 and 0,786), this can be a place where pro's start a short.
After this we're back aiming at ATH
Only time will tell ;)
What do you think, do you see things differently? Let me know!
Cheers,
W
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PS: I'm just starting out so definitely don't take this as pro advise to trade upon!