BTCUSD critical resistance after minor retracement.
Last night I posted that the Stochastic RSI on the daily chart was indicating that we are on the verge of an imminent correction. Nothing has changed. We dipped to the $9,600 range over night but this hasn't changed that we are over bought and maxed out on Stoch.
Today on the 4 hour chart we have the 200 session MA as a major source of resistance at $10,091. As I type this we have broken above this price to $10,150. If we can have a solid close above this resistance, we still have to break SAR at $10,287. This would signal a bullish trend and allow us to move up to the $11,200 range. As I noted yesterday, Stoch RSI can run sideways maxed out on Bitcoin. An example of this is the days following a similar condition on November 28, 2017. However, this was during the alleged Tether USDT printing scam.
If we don't break and hold +$10,287 then be prepared for a possible retrace.
HV
Today on the 4 hour chart we have the 200 session MA as a major source of resistance at $10,091. As I type this we have broken above this price to $10,150. If we can have a solid close above this resistance, we still have to break SAR at $10,287. This would signal a bullish trend and allow us to move up to the $11,200 range. As I noted yesterday, Stoch RSI can run sideways maxed out on Bitcoin. An example of this is the days following a similar condition on November 28, 2017. However, this was during the alleged Tether USDT printing scam.
If we don't break and hold +$10,287 then be prepared for a possible retrace.
HV
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