BTCUSD Daily S/R| Weekly S/R| ABC Correction

18 mai 2021

Evening Traders,

Today’s analysis – BTCUSD – trading under a key level where a further rejection is probable,

Points toc consider,

- Price Action Impulsive
- Daily S/R Resistance
- Weekly S/R Support
- RSI Extended

BTCUSD’s immediate price action is trading under Daily S/R that needs to be reclaimed for a bullish bias.

The Weekly S/R is current macro support, a testing of this level must hold, breaking will be extremely bearish.

The RSI is currently over extended – a reversion to their mean is highly probable.

Overall, in my opinion, BTCUSD needs to breach the Daily S/R for a continued bullish bias, any rallies as of now are to be shorted.

Hope this analysis helps,

Thank you for following my work

And remember,

“Ultimately, consistent profitability comes down to choosing between the discomforts you feel when you follow your plan and the urge to let yourself be captures ( and ruled) by your emotions.”
― Yvan Byeajee