BTC UPDATE TUESDAY 10.1.19
Updated
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Yesterday BTC broke up from the descending resistance and followed through up until $8,500. Currently BTC is hovering over the 13 and 21 EMAs - in the process of crossing up - and might print one more long lower wick down to around $8,200 before possibly continuing up. RSI has hit a resistance level at 58 and will need to break it if $8,500 is to be retested and broken. $9,000 is the upper range of the brooding structure's target with sell zones along the way marked in purple.
1H chart possibly weakness showing. A failure to break above previous highs on a bounce would indicate downside pressure.
This is only my opinion! Let me know what you think!
Thank you all for the support!
Leave a like and share if you enjoy these updates!
Yesterday BTC broke up from the descending resistance and followed through up until $8,500. Currently BTC is hovering over the 13 and 21 EMAs - in the process of crossing up - and might print one more long lower wick down to around $8,200 before possibly continuing up. RSI has hit a resistance level at 58 and will need to break it if $8,500 is to be retested and broken. $9,000 is the upper range of the brooding structure's target with sell zones along the way marked in purple.
1H chart possibly weakness showing. A failure to break above previous highs on a bounce would indicate downside pressure.
This is only my opinion! Let me know what you think!
Note
1H chart. Even though there was a higher high, MACD failed to bring in any positive momentum. RSI bearish divergence.
Note
1H chart support coming in
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