BTC Key Level| Oversold Bounce?

27 dic 2019

Hello Traders,

Quick Update

Today’s chart we be on BTCUSDwhich is testing a critical support level

Points to consider,
- Trend bearish
- Major support being tested
- Stochastics in lower regions
- RSI approaching oversold
- EMA’s giving price resistance
- Volume needs to increase

BTC has put in consecutive lower highs with no clear sign in trend change on the shorter time frame. Major support is being tested that must hold for a bullish bias, a break will continue with the bearish momentum.

Stochastics is currently in the lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. RSI is hitting oversold conditions; a return back to neutral territory is probable, an oversold bounce.

EMA’s are currently giving price resistance, this will push BTC down if support does not hold true. Volume is well below average, an increase in volume in either direction will determine the trend direction.

Overall, in my opinion, BTC is in a critical point where a break in either direction will determine the overall trend. A bullish break will confirm a higher low and a bear break will increase the probabilities of further lower lows.

What are your thoughts?

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And remember

“Hope is bogus emotion that only costs you money.” – Jim Cramer