#1 Crypto BTC/USD Testing Intraday Support Feb 7 2018
Updated
The pair put in a descent reversal candle yesterday and closed above
the 7600 S/R level and the Monthly S1 at 7200. But it failed to close above the
SMA200 on the daily timeframe. Bulls would like to see price above that
moving average again and after that breach the 61.8 Fib at 9400 to have
price back above the previously broken trendline. Bitcoin is still vulnerable
due to bearish momentum and we might see another slip if price starts to
tread water around current levels (8000). On the intraday chart (M30) price
has come back and tested the Daily pivot point at 7270 which has held up
well this far. As long as it trades above this level, chances are we will see a test
of the trendline (white line on the right chart) and a breaching of that will
expose the Daily R1 at 8600. Ultimate upward target today would be the
Weekly pivot point which is yet untraded at 9210.
If price breaks below the Daily pp and the Monthly S1 around 7200 we will
likely see a move towards the Weekly S1 at 6600.
the 7600 S/R level and the Monthly S1 at 7200. But it failed to close above the
SMA200 on the daily timeframe. Bulls would like to see price above that
moving average again and after that breach the 61.8 Fib at 9400 to have
price back above the previously broken trendline. Bitcoin is still vulnerable
due to bearish momentum and we might see another slip if price starts to
tread water around current levels (8000). On the intraday chart (M30) price
has come back and tested the Daily pivot point at 7270 which has held up
well this far. As long as it trades above this level, chances are we will see a test
of the trendline (white line on the right chart) and a breaching of that will
expose the Daily R1 at 8600. Ultimate upward target today would be the
Weekly pivot point which is yet untraded at 9210.
If price breaks below the Daily pp and the Monthly S1 around 7200 we will
likely see a move towards the Weekly S1 at 6600.
Note
Price is trying to break above the trendline as of now. If it holds, Daily R1 could be next at 8600
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.