BTCUSD, Big Picture Analysis
Updated
Hey traders, BTCUSD has broken an important resistance at 31081, signaling the downtrend is almost over "but", tomorrow we might be in the middle of the downward for some days or maybe just 1 day. (Target Between S1-S2-S3)
The reason: The last upward had broken the resistance at 31081 and tomorrow it might start the retracement, until 26,639, fib 78%. and then the prices will go higher between bands. Important if the prices break down under the 25338.53, the prices will go lower and it might be the continuation of a downtrend.
Looking at the big picture, I have plotted in the chart, the important resistances that the price should break up (around 8 main resistances), continuously bouncing between them, including the intraday pivot points bands. Please check the trend, and go with the trend, bouncing and breaking in the same direction up or down is the key to confirming the trend direction. Also, remember pivot point level, and the MA200 are other important bands to confirm if the market is bearish or bullish
The big picture analysis will be active for a while, "but" if the prices go lower than the 25338.53 I might need to recalculate all the resistances levels.
The market has the last word.
The reason: The last upward had broken the resistance at 31081 and tomorrow it might start the retracement, until 26,639, fib 78%. and then the prices will go higher between bands. Important if the prices break down under the 25338.53, the prices will go lower and it might be the continuation of a downtrend.
Looking at the big picture, I have plotted in the chart, the important resistances that the price should break up (around 8 main resistances), continuously bouncing between them, including the intraday pivot points bands. Please check the trend, and go with the trend, bouncing and breaking in the same direction up or down is the key to confirming the trend direction. Also, remember pivot point level, and the MA200 are other important bands to confirm if the market is bearish or bullish
The big picture analysis will be active for a while, "but" if the prices go lower than the 25338.53 I might need to recalculate all the resistances levels.
The market has the last word.
Trade active
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