BTC Watch Out for the Drop Below:
- Bitcoin fractals are reminiscent of earlier this month illustrating a drop
- Volume spike this morning GMT illustrates a dump is on its way
- This is despite China ruling they cannot forbid owning and transferring Bitcoin.
For Immediate Release and Trade
What does the Higher Time Frame Technical Analysis Say?
- The 6H HTF illustrates on the RSI Stochastic that the reason for the pump all the way up to $6460 was owed to the crossover on the stochastic.
- The increase in volume attributed to this.
- Those who have been monitoring price action this entire morning would have seen that despite this individuals have been attempting to Market sell BTC to dump it.
- Despite the fundamental news that China cannot ban Bitcoin, the technical analysis is pointing towards a dump as fractals mirror the 22nd October and 18th October 2018.
What does the Short-term Time frames illustrate?
- Anytime over the past 1 month BTC has attempted to peak over the 200MA, it has dumped – unable to find any buy side support above it.
- The fractals are reminiscent of the 18th October and 22nd of october as well as earlier in October.
- This could be a bull trap and Nouvive is treating it as such – See Chart below
- The RSI Stochastic has crossed over, this could be enough positive momentum to see Bitcoin hit the volume gaps at $6480 and $6512.
- OBV has ticked up
- Institutions are moving closer to Long positions.
- Most of the institutions as can be seen by the Commitment of Traders have higher open interest in Longs.
Nouvive recommends prudent investors to Hold their positions and be wary, especially as there is a 74% chance that BTC will revisit $6320.
Those who are more experienced traders will be looking to take short positions at $6440, with a take profit at $6320 and a stop loss at $6480.
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