BTCUSD – Dip at 5100 ?? or just an intermediate lower low ??
After Tuesday high of 5800, price rebounded from the descending (blue) resistance line down to 5100, which corresponds to ~Fibo 23.6% retracement of 4200-5800 uptrend. Then, again it moved up to 5600 level.
This looks like a bullish wedge formation, but may turn to a reverse SHS_ formation too. Need to watch whether the price breaks the blue resistance or stays below it.
The price moved down and up faster than I thought. Actually my plan was (and still is) to take a long position within 4800-5000 band (red circle) by a confirmation of a reaction from the (purple) cycle low line. Target +6000.
Again my expectation for the RSI indicator was (and still is) to fall below 30. For the time being, it seems that the descending (red) peak line is broken and 35 level worked as a support on RSI chart.
This looks like a bullish wedge formation, but may turn to a reverse SHS_ formation too. Need to watch whether the price breaks the blue resistance or stays below it.
The price moved down and up faster than I thought. Actually my plan was (and still is) to take a long position within 4800-5000 band (red circle) by a confirmation of a reaction from the (purple) cycle low line. Target +6000.
Again my expectation for the RSI indicator was (and still is) to fall below 30. For the time being, it seems that the descending (red) peak line is broken and 35 level worked as a support on RSI chart.