Update on BTCUSD:
Is it ready to recover or move further downward? As seen in the charts I have highlighted some major evidences of slow recovery. Buyers are gaining more strength and the selling climax is slowing down.
Educational part:
The current phase is called as Selling Climax where price is being pushed down by strong Bearish pressure.
What are the requirements to break this cycle?
-> Bullish pressure is required to break this cycle.
-> Candlesticks are showing long wicks (shadows).
-> Any Bullish Reversal Candlestick patterns accompanied by a strong volume surge on the lowest candle.
All these things are telling us that "smart money" is entering and is trying to break the cycle.
At the moment the price is hovering above strong support zone which is formed by 0.382 Fib level, bottom level of the descending channel and 10,700 support level.
This chart is explaining itself quite well and if you didn't understand something or do have some other questions feel free to post them down below!
Kind Regards Yarr The Pirate Crypto Cat!
Is it ready to recover or move further downward? As seen in the charts I have highlighted some major evidences of slow recovery. Buyers are gaining more strength and the selling climax is slowing down.
Educational part:
The current phase is called as Selling Climax where price is being pushed down by strong Bearish pressure.
What are the requirements to break this cycle?
-> Bullish pressure is required to break this cycle.
-> Candlesticks are showing long wicks (shadows).
-> Any Bullish Reversal Candlestick patterns accompanied by a strong volume surge on the lowest candle.
All these things are telling us that "smart money" is entering and is trying to break the cycle.
At the moment the price is hovering above strong support zone which is formed by 0.382 Fib level, bottom level of the descending channel and 10,700 support level.
This chart is explaining itself quite well and if you didn't understand something or do have some other questions feel free to post them down below!
Kind Regards Yarr The Pirate Crypto Cat!
ノート
ノート
RSI & MACD Showing positive Divergence. The price needs to break 13,000 resistance level before moving further up.
ノート
macd / HISTOGRAM*
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