BTCUSD Swing High| Monthly S/R|.50 Fibonacci|Volume Climax|PA

2 окт. 2020 г.

Evening Traders,

Today’s analysis – BTCUSD – breaking back below Monthly S/R, pull backs on low volume indicates weakness,
Points to consider,
- Impulse Price Action
- Local S/R Support
- Resistance Confluence
- Oscillators Below 50
- Volume Climax

BTCUSD’s immediate price action is bearish by breaking below Monthly S/R, this allows us to have a bearish bias on the market.

The Local S/R is current support that has been tested, holding this level is key to maintaining structure, short target.

The Dynamic Resistance from the Ascending Broadening Wedge is valid; price action has activated this pattern by breaking bearish . This level is also in confluence with the .618 Fibonacci and 200 MA, adding to the probability of a short.

Both oscillators are trading below 50; this indicates weakness in the intermediate term. The current volume profile has a valid climax signalling a temporary bottom. Price Action is likely to trade between Monthly and Local S/R in the short term.

Overall, in my opinion, BTCUSD is a valid short with defined risk; price action is to be used upon discretion management of trade.

Hop this analysis helps

Thank you for following my work!

And remember,

“Never let a win go to your head, or a loss to your heart.” – Chuck D.