BTCUSDT Dynamic Resistance|Bullish Divergence|.618 Fib|PA
Evening traders,
Today’s Analysis – BTCUSDT- a probable swing trade, signs of a short term bullish bias as price shows strength, breaking dynamic resistance is a long.
Points to consider,
- PA Demand (.618 Fibonacci Level)
- Dynamic resistance/support converging (Apex)
- 21 MA visual guide
- Oscillators diverging
- Volume below average
BTCUSDT’s price action shows that there is demand below key Fibonacci levels, mainly the .618 level.
This gives us a short term bullish bias on the market as price action shows strength.
The Dynamic resistance and supports are converging; price will have to break out of its apex sometime before 18th July.
The 21 MA can be used as a visual guide for when the breakout occurs, price is likely to trend of it.
Oscillators are both diverging from price; this shows immediate strength in the market, remaining above the 50 level is bullish.
Volume needs to increase upon a breakout, this will help dictate the strength off the move and avoid fake outs.
Overall, in my opinion, BTCUSDT will have a volatile move from its apex. A break of the key dynamic resistance allows for a valid long with defined risk. Any moves are to be backed with increasing volume to avoid fake outs.
What are your thoughts?
Thank you for following my work!
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
Today’s Analysis – BTCUSDT- a probable swing trade, signs of a short term bullish bias as price shows strength, breaking dynamic resistance is a long.
Points to consider,
- PA Demand (.618 Fibonacci Level)
- Dynamic resistance/support converging (Apex)
- 21 MA visual guide
- Oscillators diverging
- Volume below average
BTCUSDT’s price action shows that there is demand below key Fibonacci levels, mainly the .618 level.
This gives us a short term bullish bias on the market as price action shows strength.
The Dynamic resistance and supports are converging; price will have to break out of its apex sometime before 18th July.
The 21 MA can be used as a visual guide for when the breakout occurs, price is likely to trend of it.
Oscillators are both diverging from price; this shows immediate strength in the market, remaining above the 50 level is bullish.
Volume needs to increase upon a breakout, this will help dictate the strength off the move and avoid fake outs.
Overall, in my opinion, BTCUSDT will have a volatile move from its apex. A break of the key dynamic resistance allows for a valid long with defined risk. Any moves are to be backed with increasing volume to avoid fake outs.
What are your thoughts?
Thank you for following my work!
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
Join my free telegram! t.me/chartdoctorsanconsultants
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