Summary of post and important Support and Resistance Short term ;
Support : 9600, 9400 and 9000 || Resistance : 9800, 1000 and 10600.
Bullish for short term while daily indicators is bearish, on weekly chart is start to switching trend although still on bullish trend.On 1 hour chart it's clear the descending wedge + bullish divergence combo bring the price for a short time bounce and the price action manage to regain the trendline on 9600 back into support again. until recently the price action just get rejected precisely on the downtrend line since the second top on July 10 2019 from 13000 level indicate a resistance on that downtrend could take a notice before it would resume it's bullish trend.
If the price action could hold above the up trend line above 9600 for a while. it would be a good sign for a bull to regain it's momentum toward upside again. conversely, break 9100 would be a devastating scenario as it would deliver BTCUSD straight toward next potential support around 8600
Daily Chart
- ADP : It's on bearish zone, slowly decreasing as it's level and currently on the distribution phase, meaning the new money is already leaving this current market for a present time.
- DMI : -DI ( Sell power) is already dominate BTCUSD while we didnt see the volatility yet as ADX ( Momentum Power) is still on low level.
- MACD : MACD line is teasing toward bearish area (below 0) and it's no sign of slowing down. Still on big selling pressure by looking at seller histogram.
Weekly Chart
Bearish engulfing candle with a shooting star type bearish candle is hard to ignore that BTC is still have a bearish momentum awaits in near future.
- ADP : on oversold territory and still on bullish area although it's beginning to show a sign of weakness and ready to test 50 value level ( white)
- MACD : Still on bullish area while macd histogram is weakening and MACD line is poise to cross with each other with a bearish sign if the bearish momentum keeps continue.
- DMI : -DI (Sell Power) is beginning to rise while +DI (Buy Power) is reduce at the same time, an early sign for trend switching for BTCUSD. ADX (momentum strength) is on a high level. meaning that if this would continue the bearish trend, BTCUSD will had a hard bear trend for a long time.
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.