BTCUSD Update: Where is our GOLDEN BOY going now???
Hello and good day to everyone, I hope everyone's having profitable trades today! A quick update on our big boy BTCUSD BITCOIN, the market's been undecided in direction and we see BTCUSD repeatedly testing the highs of resistance @ 9900 before falling down sharply to the strong support 0.382 Fib level @ 8850. So far it has rebounded strongly and is seen to be testing the resistance @ 9315 which is the 0.618 Fib retracement level.
Right now, volumes are dying off and the MACD indicates a CROSSOVER to the upside, a BULLISH omen.
What we have to watch now is:
- A breakthrough of the resistance @ 9315 which is the 0.618 Fib retracement level, giving us a BUY opportunity to the 0.786 Fib level @ 9500-9600 resistance zone
- A rejection from 9315 would signal a SELL downwards to validate 0.5 Fib Level @ 9100 as support (if it holds) --> This level is a common point of reversal/rebound
One thing to note is that massive dumps have occurred when these conditions were met:
1) slightly above Fib Level 0.786 @ 9800 resistance
2) Warning sign: MACD crossing over to the downside
I would definitely keep an eye on the MACD if BTC happen to break up towards target 0.786 fib @ 9500-9600, will update with more news as we go
As always, feel free to like and comment if you enjoyed my idea!
Best Regards,
GOLD D ROGER
A humble trader
Right now, volumes are dying off and the MACD indicates a CROSSOVER to the upside, a BULLISH omen.
What we have to watch now is:
- A breakthrough of the resistance @ 9315 which is the 0.618 Fib retracement level, giving us a BUY opportunity to the 0.786 Fib level @ 9500-9600 resistance zone
- A rejection from 9315 would signal a SELL downwards to validate 0.5 Fib Level @ 9100 as support (if it holds) --> This level is a common point of reversal/rebound
One thing to note is that massive dumps have occurred when these conditions were met:
1) slightly above Fib Level 0.786 @ 9800 resistance
2) Warning sign: MACD crossing over to the downside
I would definitely keep an eye on the MACD if BTC happen to break up towards target 0.786 fib @ 9500-9600, will update with more news as we go
As always, feel free to like and comment if you enjoyed my idea!
Best Regards,
GOLD D ROGER
A humble trader
Drops to second level @ 0.382 for consolidation.