BTCUSDT D1 chart (8/26/2019)
Good morning, traders. With price continuing to consolidate, as mentioned last week it's more important for traders to zoom out. The daily shows us that price was printing lower lows and highs until the June 17th swing low. Since that time, price has printed higher lows and highs. However, price has moved sideways for the past two weeks with price printing wicks below the local TR's EQ, which is just above the larger TR's EQ as shown.
The D3 RSI is attempting to move above its descending resistance as price attempts to close above the 21 EMA. However, the current D3 candle just opened today so there is a lot of time left in it. Weekly RSI is still attempting to confirm the recent hidden bullish divergence but it is also nearing its own descending resistance. As a matter of fact, the daily, D3, and weekly RSI should be watched. A close above these should be an indication that price is in another uptrend.
There was strong volume on the move up last night as the H4 candle pushed through the 21 EMA on that TF, but price has yet to follow through. That doesn't necessarily mean it won't, but traders need to remain cautious as a failure to follow through should see price reverting downward. At this time, price is finding support on the H4 pivot at the HVN and just above the 21 EMA. This has the H4 RSI attempting to move above its resistance.
Shorter terms traders should be watching the ascending H1 RSI support. Stoch RSI on the H1 has hit oversold and is curling up as Stoch on the M30 is doing the same. For now, a move up from here would have me looking for price to target the R1 pivot on the M30. This would be around $10800. The daily pivot sits just below that at $10750. The blue daily demand zone continues to be where traders should look for a support. If it gives way, then we can expect price to potentially push as low as the daily S1 pivot currently sitting at ~$8400. A close above the daily supply in the mid-11000s should have price continuing in another bullish push toward the ATH.
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Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
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The D3 RSI is attempting to move above its descending resistance as price attempts to close above the 21 EMA. However, the current D3 candle just opened today so there is a lot of time left in it. Weekly RSI is still attempting to confirm the recent hidden bullish divergence but it is also nearing its own descending resistance. As a matter of fact, the daily, D3, and weekly RSI should be watched. A close above these should be an indication that price is in another uptrend.
There was strong volume on the move up last night as the H4 candle pushed through the 21 EMA on that TF, but price has yet to follow through. That doesn't necessarily mean it won't, but traders need to remain cautious as a failure to follow through should see price reverting downward. At this time, price is finding support on the H4 pivot at the HVN and just above the 21 EMA. This has the H4 RSI attempting to move above its resistance.
Shorter terms traders should be watching the ascending H1 RSI support. Stoch RSI on the H1 has hit oversold and is curling up as Stoch on the M30 is doing the same. For now, a move up from here would have me looking for price to target the R1 pivot on the M30. This would be around $10800. The daily pivot sits just below that at $10750. The blue daily demand zone continues to be where traders should look for a support. If it gives way, then we can expect price to potentially push as low as the daily S1 pivot currently sitting at ~$8400. A close above the daily supply in the mid-11000s should have price continuing in another bullish push toward the ATH.
_____________________________________________________________
Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
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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.
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.