BTC Daily Analysis: Pivotal Point
BTC will have to make a decision following its ability to overnight find a key support level. What will happen now is; whether it decides to dump down to $3582 to retest how strong the support is there or whether it uses $3687 as a support before it retries $3900.
What do the charts say?
- Currently Bitcoin is resting between the 0.618 and 0.786 fibonnaci lines as it decides what to do next; positive price action illustrates we will see a green day today; albeit a 2% day.
- On the lower time frames; BTC is using the 55MA as the support; whilst the 15MA acts as a resistance area.
- An ability to breakout past $3750 would illustrate that we will see the volumes gaps at $3764 and $3820 filled.
- Volume is slightly decreasing, with heavy buy-side support continuing – this matched with accumulation inclining over the past 24 hours – sees a positive next 12 hours.
- On all time frames; the RSI Stochastic is illustrating that BITCOIN is oversold.
- Volume gap at $3606 needs to be filled.
- Break of the inclining trend line support illustrates that BTC will fumble downtrend to $3606, perhaps $3582.
Nouvive Says: BTC will see a green day during the course of the next 24 Hours; it is key to watch the incline trend line at $3687, if it does break, we will see BTC go to $3582.
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