BTCUSD in no man's land
Morning,
Let’s take a look first on daily chart. All swing is pointing into descending direction. Look like price is in very important point of over all movements.
Price is flirting with 50% of the red channel. At this time few candles that making sort of micro price rising movements can’t be use as correction – it’s not strong enough. JPS confirms downtrend.
Daily Chart:
On fours hours chart it is very clear that price having hard time to gain the strength to rise again. I will be caution with long position at this time.
We have clear bias to the down side. Last corrections (inside of the triangle) we can classified as a swing – it’s to small.
We have mark two price targets: long for 7650.00 (very low possibility) and short for 4800.00 (higher possibility).
If the price break thru 50% of the red channel, then price will drop further down.
Currently price is no man’s land.
cheers
Jim
Let’s take a look first on daily chart. All swing is pointing into descending direction. Look like price is in very important point of over all movements.
Price is flirting with 50% of the red channel. At this time few candles that making sort of micro price rising movements can’t be use as correction – it’s not strong enough. JPS confirms downtrend.
Daily Chart:
On fours hours chart it is very clear that price having hard time to gain the strength to rise again. I will be caution with long position at this time.
We have clear bias to the down side. Last corrections (inside of the triangle) we can classified as a swing – it’s to small.
We have mark two price targets: long for 7650.00 (very low possibility) and short for 4800.00 (higher possibility).
If the price break thru 50% of the red channel, then price will drop further down.
Currently price is no man’s land.
cheers
Jim
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