BTCUSD is overall bearish. Price is close to a support area S1 and stochastic is oversold so we could see a short term bounce up to the top of price channel, if breaks channel price could reach R1 near term. Failure to hold S1 could see price fall to the S2 area or bottom of channel.
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jmtbernardo
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I find it fascinating that price action kept bouncing off from S1,S2. Nice work @nmike
nmike
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..... this published chart worked our pretty good. I don't trade Bitcoin I just wanted to give some input for the benefit to those that do.As per yesterday's comment, near term target reached.If breaks S1 next near term target is about half way between S1 & R1.
nmike
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....tall green candle,RSI breaking R2,price likely to move up to S1 near term
nmike
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let's see if can hold this minor support level
DanV
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Mike. that is a key question. I think it is at the same stage as your last GREEN Horizontal like when the price was just above it and then broke though. So in my view the current support is likely to fail and stochastic is going to be embedded. Great chart:)
nmike
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nice reversal at RSI channel S2 support ,currently breaking price channel........hourly reversal set up example
DanV
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Thanks Mike. Great looking chart. On larger time frame we might be retracing for final time with possible high around 520 zone but agree short term bullish break.
DanV
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Great chart. I am expecting at least a retest of 400 zone for possible low, but also mindful that it could fail and head much lower. But for now as per your chart no potential change of trend just yet.