Trading for BTC today is tricky. It can easily move to the other side but I distinguished it to be more bearish due to the following reasons:
1. Before reaching end of the range, it gradually went down then small dump. After the dump, it went up but then as seen it went down again gradually. Bears are getting momentum.
2. MACD at H1 is bearish .
3. RSI is nearly at overbought levels.
As mentioned, BTC is largely undecided. Compelling reasons are MACD at H4 is still pointed upward and the ascending channel broke upside. My personal tip would be that BTC looks like it's creating a demand, seen by inability to fully dump, so there might be a small pump then it would dump or gradually go down. Again, please do your own research and carefully follow price action.
Thick yellow lines - end of range
Thin yellow lines - minor resistances
Purple arrows - possible movement/scenarios today
Too much analysis is paralysis. Don't bet the whole farm, have a good risk reward ratio.
Be wary of false breaks! Trading is RISKY, always put stop losses.
TRADING IS REACTIVE, NOT PREDICTIVE.
1. Before reaching end of the range, it gradually went down then small dump. After the dump, it went up but then as seen it went down again gradually. Bears are getting momentum.
2. MACD at H1 is bearish .
3. RSI is nearly at overbought levels.
As mentioned, BTC is largely undecided. Compelling reasons are MACD at H4 is still pointed upward and the ascending channel broke upside. My personal tip would be that BTC looks like it's creating a demand, seen by inability to fully dump, so there might be a small pump then it would dump or gradually go down. Again, please do your own research and carefully follow price action.
Thick yellow lines - end of range
Thin yellow lines - minor resistances
Purple arrows - possible movement/scenarios today
Too much analysis is paralysis. Don't bet the whole farm, have a good risk reward ratio.
Be wary of false breaks! Trading is RISKY, always put stop losses.
TRADING IS REACTIVE, NOT PREDICTIVE.