BTC Bitfinex: next 4-6 hours critical
Hi all,
clear descending triangle pattern (usually bearish). Price got rejected at 0.618 Fib level, which I would consider as normal pullback.
RSI is in uptrend, but Stoch RSI (which I would consider more appropriate in ranging markets) is in overbought area. MACD crossed bullish but is still below midline. Volume is low which could mean another bearish impulse.
Next 4-6 hours should be decisive.
Short term bullish scenario: Close above green descending trendline.
Bearish scenario: Close below red horizontal line (of descending triangle).
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Comments are welcome.
Please like & follow for more TA.
DISCLAIMER:
This is neither a trading nor a financial advice.
You are responsible for your own actions so do your own research.
clear descending triangle pattern (usually bearish). Price got rejected at 0.618 Fib level, which I would consider as normal pullback.
RSI is in uptrend, but Stoch RSI (which I would consider more appropriate in ranging markets) is in overbought area. MACD crossed bullish but is still below midline. Volume is low which could mean another bearish impulse.
Next 4-6 hours should be decisive.
Short term bullish scenario: Close above green descending trendline.
Bearish scenario: Close below red horizontal line (of descending triangle).
------------
Comments are welcome.
Please like & follow for more TA.
DISCLAIMER:
This is neither a trading nor a financial advice.
You are responsible for your own actions so do your own research.
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