BTC rejected by resistance
I posted a more in-depth analysis yesterday where I outlined the main indicators and reasons for BTC's most likely outcome which was a rejection of the resistance zone ($5680 area).
Now, the indicators on the 1D, 12hour, 8hour and even 4hour (not very important) are all pointing for a downward trend from the current price at ($5437). The Stochs and the RSI both indicate a strong move downwards after a test of the $5680 mark. My current position would be neutral. Now is a time to be cautious, and if your holding BTC from a lower position, now wouldn't be a bad time to sell (but please note I am not a financial advisor, and this is strictly just my opinion).
BTC will either continue down (maybe around the 5300-5200 area (maybe further down). Or it will retest the resistance, but I am more towards it dropping lower.
Be cautious, and always be prepared to lose what you put in, and ALWAYS HAVE A STOP LOSS!
Have a good day, thanks for taking the time to read this :)
Olley
Now, the indicators on the 1D, 12hour, 8hour and even 4hour (not very important) are all pointing for a downward trend from the current price at ($5437). The Stochs and the RSI both indicate a strong move downwards after a test of the $5680 mark. My current position would be neutral. Now is a time to be cautious, and if your holding BTC from a lower position, now wouldn't be a bad time to sell (but please note I am not a financial advisor, and this is strictly just my opinion).
BTC will either continue down (maybe around the 5300-5200 area (maybe further down). Or it will retest the resistance, but I am more towards it dropping lower.
Be cautious, and always be prepared to lose what you put in, and ALWAYS HAVE A STOP LOSS!
Have a good day, thanks for taking the time to read this :)
Olley
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