BTCUSD: Wait for confirmation candle!
- Lower time frames have performed bullish chart patterns
- RSI is in the oversold territory and starting to peak upwards
- RSI on the H1,H4 & D1 time frames is in the oversold area
- Price is currently at a support level so price needs to close below this zone for a break and retest and then entry.
- Pennant/Flag chart pattern formed indicating a possible continuation of downtrend!
Price may turn around and push to the 61.8% fib retracement level.
Do not enter trade until you see a confirmation candle {a strong flat top or flat bottom candle}.
Price may enter into consolidation after the big push downwards before continuation or reversal of trend.
Will post comments on the updates of this trade.
- RSI is in the oversold territory and starting to peak upwards
- RSI on the H1,H4 & D1 time frames is in the oversold area
- Price is currently at a support level so price needs to close below this zone for a break and retest and then entry.
- Pennant/Flag chart pattern formed indicating a possible continuation of downtrend!
Price may turn around and push to the 61.8% fib retracement level.
Do not enter trade until you see a confirmation candle {a strong flat top or flat bottom candle}.
Price may enter into consolidation after the big push downwards before continuation or reversal of trend.
Will post comments on the updates of this trade.
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