Short term ; Support : 11200 & 11100 || Resistance : 11550 & 11650.
BTCUSD is leaning more toward bearish trend as it's keep making a higher low in recent day. Still maintain the 11250 area although looking at momentum indicators on 4 hour chart, it's poise to be break soon if the bearish momentum persist.
Descending triangle pattern is sighted by recent price action if it's complete it might be a retest toward important support around 10000 area.
If the price do fall, i expect a heavy buyer between 11000 and 10000/important support. Conversely, If somehow the price action do manage to break above 3 and 2 downtrendline in swift pace. might had a change for bullish run up to continue.
Indicators on 4 hours is show a bearish sign for now.
Indicators from top to bottom :
- OBV histogram is show a weakness and ready to switch it's momentum toward bearish side.
- CMF :there's hidden bearish divergence on CMF as the indicators made a higher high but lower high on price action.
- CCI + EMA is already cross again as it's a signal for a bullish trend cant sustain above EMA/ weakness in price action for short term.
Thank you for your time to read this post and please take this idea as a grain of salt as reality always differ from what i expect as this post merely just an opinion.
and please feel free to share what your thought on comment section.
peace.