BTC Analysis For This Week
After sideways consolidation for the past month, a short term bearish break can occur within this week.
- Symmetrical triangle formed mid September during consolidation recovery. Prices breaking out of triangles tend to break on continuing the trend it came in with.
- Fibonacci Retracement level at .382 lines up with final high of triangle. This is a likely resistance area.
- 56.00 level at RSI is a common resistance/support level for bitcoin. Positive slope of RSI heading towards that level suggests a possible bounce to the downside.
- As we all know, the BTC CME's gap at $9,600 is still yet to be filled.
- 200 EMA & SMA would give BTC support/resistance levels on its way down towards the gap.
- Historical Volatility being in the extremely low numbers is known for gives an indication that a large volatile move will come.(Ex. February 2020) This likely indicates the bearish break of the consolidation period.
- Symmetrical triangle formed mid September during consolidation recovery. Prices breaking out of triangles tend to break on continuing the trend it came in with.
- Fibonacci Retracement level at .382 lines up with final high of triangle. This is a likely resistance area.
- 56.00 level at RSI is a common resistance/support level for bitcoin. Positive slope of RSI heading towards that level suggests a possible bounce to the downside.
- As we all know, the BTC CME's gap at $9,600 is still yet to be filled.
- 200 EMA & SMA would give BTC support/resistance levels on its way down towards the gap.
- Historical Volatility being in the extremely low numbers is known for gives an indication that a large volatile move will come.(Ex. February 2020) This likely indicates the bearish break of the consolidation period.
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