XBTUSD Possible downturn
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Key levels mentioned on the XBTUSD (To the right marked with Price) these are psychological supports and resistance, which is to buy above / sell below. Looking at the XBTUSD we do notice an inverse Head & Shoulders pattern with a descending neckline reduced towards 4080, Above 4100 price action would rise towards levels marked ahead.
However, if Price remains below 3993 a strong sell is recommended with targets of 3880.
Keep a watch on the 1hr time frame, if the RSI continues to remain below 50 level this is a signal for a sell. However, If RSI remains above 50 (and due to several hammers) price would continue to be bullish, A buy is only recommended above 4100 level.
However, if Price remains below 3993 a strong sell is recommended with targets of 3880.
Keep a watch on the 1hr time frame, if the RSI continues to remain below 50 level this is a signal for a sell. However, If RSI remains above 50 (and due to several hammers) price would continue to be bullish, A buy is only recommended above 4100 level.
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