The yesterday’s scenario continues. Bulls and Bears are still involved in a battle. In the above chart, we see three green dashed lines. They mark the middle term downtrend. BTCUSD is testing the upper green channel line right now.
The lower side of the violet triangle is the Pivot point at 11067. What is the Pivot Point?
The Pivot point is calculate based on the candle of the day before. It is the main support/resistance line of the day. Above the Pivot point, the scenario is bullish. Below the Pivot point, the scenario is bearish.
The important question is: Which line will be broken? The upper channel line of the Pivot point? Depending on the result, we will see a bullish or a bearish scenario for next days of even weeks.
The lower side of the violet triangle is the Pivot point at 11067. What is the Pivot Point?
The Pivot point is calculate based on the candle of the day before. It is the main support/resistance line of the day. Above the Pivot point, the scenario is bullish. Below the Pivot point, the scenario is bearish.
The important question is: Which line will be broken? The upper channel line of the Pivot point? Depending on the result, we will see a bullish or a bearish scenario for next days of even weeks.
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As we can see in the below chart, the Pivot point is a strong support line. As soon as BTCUSD undercuts the Pivot point, buyer rush in as the long lower wicks of the candles indicate.
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As we can see, Pivot Points are strong supports that cannot be broken easily.
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BTCUSD will probably remain inside that violet triangle for the whole day. No decision is becoming apparent.
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BTCUSD followed a downtrend within the violet triangle. At the blue circle, this downtrend was broken.
However, Bitcoin is heading further down and I think that we will see another test of the Pivot Point support line.
However, Bitcoin is heading further down and I think that we will see another test of the Pivot Point support line.
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There was a break out of the triangle at the downside. However, it looks like that the Bulls do not give up and want to test the Pivot Point resistance line once again. (Yes, the Pivot point turned into a resitance line!).
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The target of the current upwards move is 11218. (Green target line on the chart).
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Since the trend reversal, BTCUSD already gained some ground.
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The target is now 11307.
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Bitcoin overshot the target of 11307. It seeme it rise to the upper side of the triangel and for a test.
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The battle between Bulls and Bears is decided: the Bears won.
The bearish scenario remains intact and is the active scenario right now:
The important question is: Which line will be broken? The upper channel line or the Pivot point support line? Depending on the result, we will see a bullish or a bearish scenario for next days of even weeks.