As you can see there is cloud support on the 3-day time-frame for BTCUSD.
In our previous analysis we showed price in the past few weeks is ranging within a previous candle (see related ideas below).
The 3-day cloud support corresponds with the bottom of that weekly consolidation price range.
A break price range means entering the cloud and could signal a decline.
Like Anonymous, We Are Watching.
In our previous analysis we showed price in the past few weeks is ranging within a previous candle (see related ideas below).
The 3-day cloud support corresponds with the bottom of that weekly consolidation price range.
A break price range means entering the cloud and could signal a decline.
Like Anonymous, We Are Watching.
Note
3D shows price moved below the consolidation range with a strong move to the downside. If current price does not recover soon, we could see a continuation down the base of the cloud where trendlines meet around $7600. For the Bulls, hopefully we'll see support at the kijun-san level (blue line) right around current price action at $8500. However the previous 3D candle is strong so momentum is clearly pushing doowwwnnn.
Note
As commented Feb 28, we have seen that continuation down to the base of the cloud around $7600. A rapid recovery would be surprising. We may find price finding support on the long-term trendline (blue) and skirting the bottom of the 3D cloud area over the coming few weeks before the market regains confidence for a new bull run. It seems this will be remembered as the corona virus correction.
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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.