BTC/USD - Correction after W pattern
Hello traders and community, today we will tell ourselves shortly about the situation of BTC/USD
Trend analysis
- As you can see from the BTC/USD daily chart, right now we are still moving in bullish W pattern, but after this pattern will be finished with help of price action analysis we also can expect correction movement in short period of time (bearish movement). For long period of time we still need to wait for trustworthy signals to start our trade position. Resistance level (red line) is on $58 243 price level, support level (green line) on $51 433 price level and global trend remains bullish (orange line). My recommendation as a trader you can see on the chart (white line - possible scenario), price can possibly drop approximately to $52 350 price level and after it we can expect bullish run.
Chart pattern
- Bullish W pattern (ending)
- Correction movement (high probability)
Technical indicators
- RSI: market is still in boarders, bu located near 70 level (overheated, Bearish signal)
- MACD: market is still bullish cause of MA lines are moving away from each other and overall trend is going up (Bull signal)
- BB: Volatility of the market started increasing after range movement accomplished (Bull signal)
- MA (10,20): MA10 is higher than the level of MA20 and going upward (Bull signal)
= Overall bullish signal movement
Dear friends, please push the like button, write comments below, follow me for more technical analysis and share this post with other traders - that would be the best support, Thank you for your attention!
Tell us about your opinion for making better decisions :)
P.S.: Information provided is only educational and should not be used to take action in the market.
Trend analysis
- As you can see from the BTC/USD daily chart, right now we are still moving in bullish W pattern, but after this pattern will be finished with help of price action analysis we also can expect correction movement in short period of time (bearish movement). For long period of time we still need to wait for trustworthy signals to start our trade position. Resistance level (red line) is on $58 243 price level, support level (green line) on $51 433 price level and global trend remains bullish (orange line). My recommendation as a trader you can see on the chart (white line - possible scenario), price can possibly drop approximately to $52 350 price level and after it we can expect bullish run.
Chart pattern
- Bullish W pattern (ending)
- Correction movement (high probability)
Technical indicators
- RSI: market is still in boarders, bu located near 70 level (overheated, Bearish signal)
- MACD: market is still bullish cause of MA lines are moving away from each other and overall trend is going up (Bull signal)
- BB: Volatility of the market started increasing after range movement accomplished (Bull signal)
- MA (10,20): MA10 is higher than the level of MA20 and going upward (Bull signal)
= Overall bullish signal movement
Dear friends, please push the like button, write comments below, follow me for more technical analysis and share this post with other traders - that would be the best support, Thank you for your attention!
Tell us about your opinion for making better decisions :)
P.S.: Information provided is only educational and should not be used to take action in the market.
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