$BTCUSD - Bounce off the Kijun on 6H or keep correcting
As per previous price action, we bounced off once again from the 6H Kijun line.
Indicators show oversold conditions, so a retrace to higher is probable, however the overall picture is a bit different this time than the previous 2 bounces (highlighted by the yellow circles)
- RSI / CCI have both extended in the bearish territory
- MACD shows that a sell off momentum still in place
From here we can either continue the rally or correcting further as per my long term analysis (see below)
Trade safe.
Indicators show oversold conditions, so a retrace to higher is probable, however the overall picture is a bit different this time than the previous 2 bounces (highlighted by the yellow circles)
- RSI / CCI have both extended in the bearish territory
- MACD shows that a sell off momentum still in place
From here we can either continue the rally or correcting further as per my long term analysis (see below)
Trade safe.
Comment:
Bounced from the Tenken as per the analysis
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