- Summary ;
Important support and resistance for short term.
||Support : , 9860, 9600. 8600 || Resistance : 10800, 11000, 11600 ||
looking at indicator on 4 hour is suggest a further downside awaits.
While BTCUSD try to break above the trend line that previously broken, it fail and rejection is pretty clear as it would be testing the recent broken down trend line (red) if it's break through that support area i supposes 9860 would be on the table soon or more further downside.
I respect these trend lines as a potential support area and high volatility come in. 9600 (double bottom pattern neckline) and 8600 area would be a important support to maintain in order this bullish momentum. Also can act as a potential high resistance once it already had a consecutive candlestick closes below each trend line.
If somehow there's a turn of event where bullish gaining it's momentum again, i expect that price action must be above 11000 and if it possible to regain the previous trend line that already been broken ( above 11600).
MACD + Volume Oscillator : MACD did turn into a buyer histogram but it didnt fulfill the expected bounce (weak buy momentum) as MACD histogram buyer is diminish and will turn into seller momentum. also the volume oscillator appear to be rising on the turn of seller histogram. MACD line will cross toward a bearish signal soon.
DMI : - DI (seller power) is beginning to rise again while +DI ( buyer power) is move farther from -DI. ADX is relatively strong. meaning the seller is gaining in control as if it do a major volatility dominated by seller currently and will be high sell pressure once every potential support in my chart is getting broken.
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, any relation between my posts toward any of your trading decision would be on your own consequence. please feel free to share what your thought on comment section.
peace.