BTGUSD Neutral but with Bearish undertone below 319
BTGUSD
Price action has been negative on BTG over the last few hours.
It's broken important support at 319 and has since made a
rally back up to the old support at 330 where it remains
vulnerable. The break below 319 is worrying for bulls and the
rally back to old support equally worrying for bears who have
corrrectly shorted on the signal, a break below 319.
The stop on the short should have been just above the entry
level by a couple of points so will have created a small but
annoying loss. It still looks vulnerablke from here though - the
only way of escape from a mauling from the bears now is to
break above 330 resistance line and then bust the
dynamic/upper parallel, use 330 as support on the next pull-
back and we have a long trade triggered back to 390 minimum
and more likely to 419 and then 480.
And for the bears to win out from here all that has to happen
is for BTG to fail at 330 and then lose 319 support again and it
will then start to fall away on lack of buyers. So it's negative
under 319 and will likely put up a big fight at this level.
So it's neutral above 319 and below 330 but with a bearish
undertone whilst unable to find buyers enough to beat 330.
A very difficult call at this point: it could go either way...no
big hint of rejection or red candles enmerging from 330 yet
but no worthwile green candles either. It's neutral again for
now. Bullish over 330 on a suceessful retest and particularly
when the upper parallel is broken on the updside and bearish
when 319 gives way and then acts as resistance on the next
retest from below.
A wait and watch here. Do not be tired by waiting.
Price action has been negative on BTG over the last few hours.
It's broken important support at 319 and has since made a
rally back up to the old support at 330 where it remains
vulnerable. The break below 319 is worrying for bulls and the
rally back to old support equally worrying for bears who have
corrrectly shorted on the signal, a break below 319.
The stop on the short should have been just above the entry
level by a couple of points so will have created a small but
annoying loss. It still looks vulnerablke from here though - the
only way of escape from a mauling from the bears now is to
break above 330 resistance line and then bust the
dynamic/upper parallel, use 330 as support on the next pull-
back and we have a long trade triggered back to 390 minimum
and more likely to 419 and then 480.
And for the bears to win out from here all that has to happen
is for BTG to fail at 330 and then lose 319 support again and it
will then start to fall away on lack of buyers. So it's negative
under 319 and will likely put up a big fight at this level.
So it's neutral above 319 and below 330 but with a bearish
undertone whilst unable to find buyers enough to beat 330.
A very difficult call at this point: it could go either way...no
big hint of rejection or red candles enmerging from 330 yet
but no worthwile green candles either. It's neutral again for
now. Bullish over 330 on a suceessful retest and particularly
when the upper parallel is broken on the updside and bearish
when 319 gives way and then acts as resistance on the next
retest from below.
A wait and watch here. Do not be tired by waiting.
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