Evening Traders!
Today’s TA will focus on a probable trade setup – two key levels to watch are the structural resistance and the ascending support.
Points to consider,
- Consecutive higher lower
- Structural resistance to break
- Ascending support respected
- RSI diverging
- Stochastics in an equilibrium
- Volume declining
BTCUSD has been trading with consecutive higher lows indicating more buy pressure present then sell pressure, in other words, bulls are willing to buy at these levels.
The structural resistance is a very key level to break; it has now been tested three times.
BTCUSD has been respecting the ascending support (Testing 50 MA currently), a break of this line will negate the trade, and a retest of structural support is then more likely.
The RSI is diverging from price, putting emphasis on a probable bullish divergence if another lower low is set.
Stochastics is in a probable equilibrium, closing on its apex, a break in momentum is probable in either direction.
The volume profile is clearly declining, signalling a move is imminent; this validates the theory of trading in a probable pattern.
Overall, in my opinion, a trade setup for a continuation may be at play if structural resistance is broken.
What are your thoughts?
Please leave a like and comment,
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
Today’s TA will focus on a probable trade setup – two key levels to watch are the structural resistance and the ascending support.
Points to consider,
- Consecutive higher lower
- Structural resistance to break
- Ascending support respected
- RSI diverging
- Stochastics in an equilibrium
- Volume declining
BTCUSD has been trading with consecutive higher lows indicating more buy pressure present then sell pressure, in other words, bulls are willing to buy at these levels.
The structural resistance is a very key level to break; it has now been tested three times.
BTCUSD has been respecting the ascending support (Testing 50 MA currently), a break of this line will negate the trade, and a retest of structural support is then more likely.
The RSI is diverging from price, putting emphasis on a probable bullish divergence if another lower low is set.
Stochastics is in a probable equilibrium, closing on its apex, a break in momentum is probable in either direction.
The volume profile is clearly declining, signalling a move is imminent; this validates the theory of trading in a probable pattern.
Overall, in my opinion, a trade setup for a continuation may be at play if structural resistance is broken.
What are your thoughts?
Please leave a like and comment,
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
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Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.