BTC UPDATE: MONDAY 10.7.19: 0.886 RETRACE.
Updated
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On the 1H chart there was a bullish divergence leading to the 0.886 level just under $7,800. In prior updates it was discussed that price could have been in a falling wedge or channel making its way past the 0.618 or even the 0.786 Fibonacci levels, however price has been in a descending broadening wedge instead, and has made it to the absolute bottom price for a reversal. BTC is attempting to break out of this pattern with targets back at the $8,300 level. Currently at the resistance line once again, volume is needed for a break of this. A close above and follow through might push price up even higher than the target mentioned. Ideally we would see a break and a flip of support on top of this descending resistance line for continued movement. RSI has provided a bounce off the 30 level with MACD attempting a momentum shift on the 4H.
Let me know what you think! I would love to hear!
Thank you all for the support!
This is only my opinion! Not financial advice!
Please hit the like button and comment if you find value in these posts!
Feel free to message me for a more detailed analysis!
On the 1H chart there was a bullish divergence leading to the 0.886 level just under $7,800. In prior updates it was discussed that price could have been in a falling wedge or channel making its way past the 0.618 or even the 0.786 Fibonacci levels, however price has been in a descending broadening wedge instead, and has made it to the absolute bottom price for a reversal. BTC is attempting to break out of this pattern with targets back at the $8,300 level. Currently at the resistance line once again, volume is needed for a break of this. A close above and follow through might push price up even higher than the target mentioned. Ideally we would see a break and a flip of support on top of this descending resistance line for continued movement. RSI has provided a bounce off the 30 level with MACD attempting a momentum shift on the 4H.
Let me know what you think! I would love to hear!
Thank you all for the support!
This is only my opinion! Not financial advice!
Note
$8,300 was just barely hit! Now price has stalled at this 0.618 level if measuring these two price points marked by the circles. Let us watch if price can now hold support at the 0.382-0.5 level for possibly another run to the upside.
Note
Price is showing some strength here and might be getting ready to push up to retest the previous high of $8,500. $8,800 would be the upper limits of another run up.
Note
Of course things can always turn around rather quickly in this market. The 1H is showing a potential rejection and possibly a swing failure pattern going on. The RSI and MACD are showing a bearish divergence. Ending the 1H candle like this would not be the greatest thing for continued movement up.
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