BTCUSD, Time for Buyers to breath, Mr. Murrey Says
Updated
Looking at the Murrey Levels (MML) on the 4hr chart, BTCUSD has entered back the trading zone which is between the 3/8 (6405$) and 5/8 (6710$) MMLs. BTCUSD has been away from this trading zone since 3rd, August. Being in this trading zone, it shows that BTCUSD is getting stabled and resuming normal life.
The expected behavior would be to reach first to 4/8 (6555$) MML which will act as a strong Resistance which I personally expect BTCUSD to pull back to 3/8 (6405$) MML again. This bounce is very critical so if BTCUSD is managed to reverse back towards 4/8 (6555$) again, we expect to break this level and marsh towards 5/8 (6710$) and then tests the next 6/8 MML (6870$).
The very key level now to maintain is 3/8 (6405$) otherwise we will see a drop to 2/8 (6250$) MML and eventually to 0/8 (5940$) MML.
The expected behavior would be to reach first to 4/8 (6555$) MML which will act as a strong Resistance which I personally expect BTCUSD to pull back to 3/8 (6405$) MML again. This bounce is very critical so if BTCUSD is managed to reverse back towards 4/8 (6555$) again, we expect to break this level and marsh towards 5/8 (6710$) and then tests the next 6/8 MML (6870$).
The very key level now to maintain is 3/8 (6405$) otherwise we will see a drop to 2/8 (6250$) MML and eventually to 0/8 (5940$) MML.
Note
I never expected to hit 5/8 this fast. :)What's important is to be able to close above 4/8 MML Once retracement is taking place.
Note
Update:We are approaching the bottom trading level that is 3/8 MML (6408$). This is very critical level to hold if bitcoin to be bullish. If it doesn't hold, we will have to test 2/8 MML (6250$). Failing these two critical levels, then we have to test 0/8 MML (5944$).
Note
Note
Update:It looks BTC is managing to close above 3/8 MML which is very good sign. We need to see it moving towards 4/8 MML.
Note
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.