BTCUSD August 29 2019 Comperhensive Daily Update : Bear is back in town. #1

in #chart5 years ago (edited)

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  • Support : 9500 & 9000 || Resistance : 9700 10000 || Range : 9491.23 — 9720.20

  • After recent day pass without a volatility, it fell down from 10000 and testing the current important support at 9500 area. it bounce back around 9600 currently and it's looking bearish in medium term.

  • Symmetrical Triangle pattern from larger time scale is in jeopardizing toward bearish side as the bottom support of the triangle being tested more over than the upside resistance of the triangle.

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  • If the price action could endure the bear pressure for a while inside the triangle. might seeing a pump at best at 11200. If this symmetrical triangle being broken and closes with several candlestick of 4 hours, might seeing a dump toward an important level of BTCUSD bullrun. Here's the weekly chart of potential important level of support:
  1. 21 EMA Weekly : 9000
  2. Gap fill on CME and connected trendline since beginning of BTCUSD : 8500
  3. 100 SMA and 51 EMA : 7500
  4. Next green median pitchfork and recent trendline since start of bullrun on April 2019 : 6700

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  • Although i'm see a possible bounce from 1 hour timeframe as divergence is sighted. Might seeing a relieve rally or sideways for a while in my opinion relative risky as the higher timeframe is beginning to be bearish (more on the next post).

  • On 1 Hour; RSI is being double bottom while price action made a lower low. -DI (sell pressure) on DMI (2nd panel indicator) is reduce it's level though +DI didnt react to -DI movement while ADX (momentum strength) is still supporting -DI currently, also +DI(buy power) relatively making lower low. and OBV (3rd panel) is beginning to increase slightly compare price action recent low.
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  • From indicators on 4 hour, bearish side beginning to took shape.
  1. Stochastic RSI + RSI (1st panel) is on bearish level and still creating lower low.
  2. DMI (2nd Panel) is dominated by -DI (seller power/red) while being supported by ADX (momentum strength/white) movement toward upside. Bear is winning on this one.
  3. OBV (3rd) : the volume is being release from the market is significant for few day and if this keep dropping, i expect a bearish trend keep continue until see a divergence.

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Thank you for your time to read this post and please take this idea as a grain of salt as reality always differ from what i expect as this post merely just an opinion.
and please feel free to share what your thought on comment section.
peace.