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BTCUSD Weekly S/R| Local S/R| .50 Fibonacci| Price Action

Evening Traders,

Today’s analysis – BTCUSD- trading within a clear range where a partial decline will be bullish,

Points to consider,

Price Action Impulsive
- Local S/R Support
- (.50 Fibonacci Confluence)
- Weekly S/R Objective
- Oscillators Extended

BTCUSD’s immediate price action is impulsive, trading above its Local S/R zones that is in technical confluence with the .50 Fibonacci – allowing for a short term bullish bias.

The Weekly S/R is current objective, exceeding this level will increase the probability of a trend continuation.

Both oscillators are trading in their respective bearish control zones, remaining in these oversold condition increases the probability of a bounce.

Overall, in my opinion, BTCUSD is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

Thank you for following my work!

And remember,

‘’No one strategy is correct all the time’’.- John Paulson

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