BTC Macro Outlook: Critical Point at 10850

Тема в разделе "English", создана пользователем Trading Ideas, 27 сен 2020.

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    BTC Macro Outlook: Critical Point at 10850
    BTCUSD Perpetual Contract BYBIT:BTCUSD
    BullRider802
    QZVaBx2b_mid.png
    HIGH TIME FRAME:
    1. Ascending TL support from March Dump with potential backtest as resistance. Rejection of 10850 is very bearish
    2. Descending TL resistance from early August testing again as resistance. 3rd test of this TL. More tests = weaker S/R
    10850 is critical S/R for TLs . Watch carefully

    3. 12H RSI is has retested orange MA (30 day) as support. A bigger bounce would be good confirmation
    4. Daily RSI is at the 30S MA, so could go above or below...
    5. OBV steadily rising all the while

    LOW TIME FRAME:
    1. Ascending triangle consolidation under 10850 resistance. Ascending triangles tend to break more so to the upside.
    2. 1H RSI bullish divergence in this triangle
    3. Long tail wick off of 10550 S/R area. Critical support to hold, and it bounced with strength.
    4. OBV rising within this consolidation. Volume confirms direction of movement.

    KEY AREAS TO WATCH:
    1. 10850 is critical horizontal and descending TL resistance
    2. 11000 is ascending TL resistance. We could potentially break 10850, but reject from 11000. Rejection of 11000 is HTF TL support flipped resistance from March. WE have been in as uptrend until now, if that occurs.

    INVALIDATION & TARGETS:
    1. Break 11000 and next major resistance @ 12500
    2. Reject 10850 and next major support @ 8900
     
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