BTCUSD Analysis -
1) Price is hitting a strong previous resistance and support zone
2) Sellers are not having much luck but there are some doji's forming indicating indecision.
3) Price hitting 50 fib level on previous weekly swing low. Price may reject and come down to open opportunities for buying around the previous weekly low (blue ellipsis) which is also a key fib level.
4) If price breaks above and retests, our next target is the previous high at around 13500.
5) From a higher time frame, price is coming up to form a cup and handle pattern so a rejection is highly likely but will need to wait for candlestick formations and price breaking a key fib level at around 10800.
Disclaimer - This is not a trade signal, just a trade idea :)
1) Price is hitting a strong previous resistance and support zone
2) Sellers are not having much luck but there are some doji's forming indicating indecision.
3) Price hitting 50 fib level on previous weekly swing low. Price may reject and come down to open opportunities for buying around the previous weekly low (blue ellipsis) which is also a key fib level.
4) If price breaks above and retests, our next target is the previous high at around 13500.
5) From a higher time frame, price is coming up to form a cup and handle pattern so a rejection is highly likely but will need to wait for candlestick formations and price breaking a key fib level at around 10800.
Disclaimer - This is not a trade signal, just a trade idea :)