6800 trend + hori. support | 6600 | Daily Stoch RSI down
Good morning folks,
Hope y'all enjoy my analysis. Here are major points covered in my BTC analysis:
1h ascending triangle broken down
$6950 support level broken
4h sideways ranging level is trying to hold (red rectangle) this dates back to beginning of August\u2028I will place a spot buy at $6800 to see if it fills and may add on to it depending on the structure and definition of the candles toward 6600. Or I may just set a SL at 6725
4h watch the trend line that’s held thus far ~$6880 + horizontal support
Daily stoch. RSI trending down
Fibonacci levels we met at 50% this impulsive run
BLX Chart shows we still have not broken 786 fib around $5600. Still waiting to break. Ultimate end of bear cycle in 3000-5000 range
Hope y'all enjoy my analysis. Here are major points covered in my BTC analysis:
1h ascending triangle broken down
$6950 support level broken
4h sideways ranging level is trying to hold (red rectangle) this dates back to beginning of August\u2028I will place a spot buy at $6800 to see if it fills and may add on to it depending on the structure and definition of the candles toward 6600. Or I may just set a SL at 6725
4h watch the trend line that’s held thus far ~$6880 + horizontal support
Daily stoch. RSI trending down
Fibonacci levels we met at 50% this impulsive run
BLX Chart shows we still have not broken 786 fib around $5600. Still waiting to break. Ultimate end of bear cycle in 3000-5000 range
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Update: If you focus your attention to the black dashed horizontal line (~$6930), you will see there are five points listed: A, B, C, D, and E. Dating back to beginning of August this level was critical that held as supports on multiple candles for point A. Once we broke down it became resistance at points B and C. Finally we broke through used it as support on point D. We now broke down under that black dashed support line and we are now working on point E. If this level becomes resistance and we cannot climb above the ~$6930 and close 4h or the daily candle above it, it could mean we are heading lower. How much lower? First level of support we could a few hours ago around $6800. Next is the $6600 level. The solid black trend line support which is the 45 degree trend line that has multiple green circles on it is holding well, thus far. So we're either going to retest $7100 or break down to $6800. This area we're currently in is a non-trading zone for me. If you recall my analysis this morning, I said I'd open a BTC spot buy at ~$6800 and I did ($6805). I closed my trade at $6930. This is ~1.8% gain. Fairly risk-less trade. Buy the support, sell the resistance.