BTC Correction
Daily
Looking at our trend timeframe we can see price has made a retracement down to $8,700 and has slowly been tracing since. Trend has not been broken until we get a close below our black line (Trend was pierced not broken). Stochastic RSI showing momentum is bearish, however price has not yet gave us a confirmation (Indicators rely on price)
4Hour
Shifting over to our pattern timeframe we see price is looking bearish. As this analysis is being written, our 4hour candle came up to $9,200 and rejected giving us a bearish engulfing. Expecting a drop towards $7,500 if our current support does not hold.
Hourly
Finally looking over at our trigger timeframe we see a lower high was formed, and should expect a further bearish move. Hourly showing support @ $8.250. Stochastic RSI showing momentum is bearish.
Conclusion
Waiting for a 4hour confirmation of support @ $7,500
We spend our days following the patterns, technicals and essentials of the
present most sultry data about Bitcoin, Ethereum, ICO's and different Altcoins,
and burrow through all the messiness to discover just the best data for our perusers!
In the event that you need the best cryptocurrency to buy / news conveyed
straight to your inbox.
Looking at our trend timeframe we can see price has made a retracement down to $8,700 and has slowly been tracing since. Trend has not been broken until we get a close below our black line (Trend was pierced not broken). Stochastic RSI showing momentum is bearish, however price has not yet gave us a confirmation (Indicators rely on price)
4Hour
Shifting over to our pattern timeframe we see price is looking bearish. As this analysis is being written, our 4hour candle came up to $9,200 and rejected giving us a bearish engulfing. Expecting a drop towards $7,500 if our current support does not hold.
Hourly
Finally looking over at our trigger timeframe we see a lower high was formed, and should expect a further bearish move. Hourly showing support @ $8.250. Stochastic RSI showing momentum is bearish.
Conclusion
Waiting for a 4hour confirmation of support @ $7,500
We spend our days following the patterns, technicals and essentials of the
present most sultry data about Bitcoin, Ethereum, ICO's and different Altcoins,
and burrow through all the messiness to discover just the best data for our perusers!
In the event that you need the best cryptocurrency to buy / news conveyed
straight to your inbox.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.