BTCUSD Rising Channel|21 MA|Neck Line S/R|Declining Volume| PA Evening Traders,
Today’s Analysis – BTCUSD – trading at a key pivot point with bearish price action, key region to watch is around $10650 -$10680.
Points to consider,
- Bearish PA
- Neckline Resistance
- Channel Support
- RSI Trend Break
- Stochastic Sell Cross
- Declining Volume
BTCUSD’s immediate price action is bearish with a confirmed psychology of a head and shoulders. This allows us to have a bearish bias on the market in the immediate short term.
The current Neckline S/R is resistance, price has respected it on first attempt, breaking this level will negate our bearish bias.
The immediate support is the Channel S/R, this creates a respective apex in correspondence with the Neckline S/R. BTC will break out of this apex in the coming hours.
Both oscillators are showing weakness, the RSI has broken its dynamic support whilst the stochastics has a valid sell cross. This is indicative of immediate momentum shifting in the market.
Volume is considerably low; this is suggestive of a volume influx, most likely to coincide with the break of the apex break.
Overall, in my opinion, BTCUSD is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“The big ones take the psychology out of the game. Have a game plan, and stick to it.” Tim Erber
