BTCUSD
Hello everyone,
Back with another update.
In my previous post, I mentioned that the uptrend (that started on July 16) was stalling. That's even clearer now.
Notice the confluence of resistance, directly up ahead: the 21 SMA and EMA, the top of the (black) descending triangle (let's see if this may set yet another lower high) and the USD 9,250 level. The latter provided stiff support between July 7 and July 14 and, hence, promises to be stark resistance now.
Also noteworthy: yesterday's close printed a green 1 on the TD Sequential, confirming we are currently in a (short-term) uptrend.
However, as mentioned above, this uptrend is hitting a zone (9,200 - 9,250) of serious resistance. Hence, still no reason to turn bullish.
Therefore, I remain NEUTRAL (with a slight bearish bias) and reiterate that we are currently in a NO TRADING ZONE.
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OPINION (unchanged): NEUTRAL
ANALYSIS (unchanged):
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Since the beginning of June, we are in a descending triangle (black), with base around 8,930 (the .236 Fibonacci retracement).
On July 8 we saw a failed bullish break-out from the descending triangle , at the end of a +/- 10-day upward trend, that started on June 27 (green line).
After the that failed bullish breakout:
- we are (again) below the 21 daily SMA (blue) and EMA (red);
- we broke the 10-day upward trend to the downside (July 16);
- we bounced off the 9k level and are in a (5-day) uptrend;
- we face serious resistance, directly up ahead: 21 daily SMA and EMA + USD 9,250 level.
Linda late here, so I'm gonna call it a day, but I wanna say this: stay tuned. Tomorrow I'm gonna have a look at the 3-day chart and the ADX. I got some observations you don't wanna miss!