BTC Daily price action forecast (5/17/18 11:15 AM UTC-5 USA)
Updated
- We have a red 2 trading below a red 1. This indicates we have a high probability of further bearish daily price action. If we close today above the yesterday this is reduces the probability of bearish action, and have a higher chance of a reversal. As of now, the chances of 1-2 more days or either bearish or sideways movement is higher than a reversal to the upside.
- 50 day moving average (black) is supportive to the price.
- If we break though the 50 day moving average the target price will be around $7800.
- We have 2 areas of confluence. Resistant: $8500-$8725 Supportive: $7570-7735. If we break through either area of confluence, the chances of quicker movement is high.
- The RSI shows a sight oversell.
- Considering the current doji candle people are uncertain right now. In my opinion the signs of bearish movement is higher than bullish movement. We will see how it plays out.
I will update this through out the day.
Note
It's been confirmed that the Red 2 has been trading below the Red 1. Now, we can expect 1-2 days of bearish/consolidation trend.
If today (red 3 ) continues to trade below yesterday, and it closes below yesterday the probability of 2 more days of downward/consolidated movement is high.
The price easily broke through the 50 day MA, so now hitting the supportive area of confluence is feasible.
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