Evening Traders,
Today’s analysis – BTCUSD- trading within a clear range where a partial decline will be bullish,
Points to consider,
Price Action Impulsive
- Local S/R Support
- (.50 Fibonacci Confluence)
- Weekly S/R Objective
- Oscillators Extended
BTCUSD’s immediate price action is impulsive, trading above its Local S/R zones that is in technical confluence with the .50 Fibonacci – allowing for a short term bullish bias.
The Weekly S/R is current objective, exceeding this level will increase the probability of a trend continuation.
Both oscillators are trading in their respective bearish control zones, remaining in these oversold condition increases the probability of a bounce.
Overall, in my opinion, BTCUSD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work!
And remember,
‘’No one strategy is correct all the time’’.- John Paulson
Today’s analysis – BTCUSD- trading within a clear range where a partial decline will be bullish,
Points to consider,
Price Action Impulsive
- Local S/R Support
- (.50 Fibonacci Confluence)
- Weekly S/R Objective
- Oscillators Extended
BTCUSD’s immediate price action is impulsive, trading above its Local S/R zones that is in technical confluence with the .50 Fibonacci – allowing for a short term bullish bias.
The Weekly S/R is current objective, exceeding this level will increase the probability of a trend continuation.
Both oscillators are trading in their respective bearish control zones, remaining in these oversold condition increases the probability of a bounce.
Overall, in my opinion, BTCUSD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work!
And remember,
‘’No one strategy is correct all the time’’.- John Paulson