BitcoinUpdated 4 hour / two possibilities forming
Daily kijun acting as support at the minute. Hasn't been broken since September correction. Two ideas.
1/ Trend is looking increasingly bearish. If we get a break of the daily kijun and a confirmation candle that likely signals a break down to $11,000 if not $9,000.
2/ If the break down is rejected and price holds above kijun it may signal time to move up. Many ways to look at it, for example a falling wedge as drawn above.
RSI is trending down but no clear indication. No trade zone currently, will be watching how tightly the price hugs daily kijun and update on here.
1/ Trend is looking increasingly bearish. If we get a break of the daily kijun and a confirmation candle that likely signals a break down to $11,000 if not $9,000.
2/ If the break down is rejected and price holds above kijun it may signal time to move up. Many ways to look at it, for example a falling wedge as drawn above.
RSI is trending down but no clear indication. No trade zone currently, will be watching how tightly the price hugs daily kijun and update on here.
Note
Kijun support held for now, bounce under way.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.