Short term ; Support : +- 9320 USD & +- 9100 USD || Resistance : +- 9550 USD & +- 9650 USD
BTCUSD fallen from 10k support region after it just regain above 2nd down trendline for a while. This price action movement is very sudden 500 USD decrease just within a hour. Currently it is consolidate within 9400 USD region. will it hold and regain back atleast above 1st uptrend line tommorow or down deeper retest previous low on 9000 USD?
Pattern so far is forming could be descending wedge if i adjust the 2nd downtrendline i would look like this. If it could hold
Descending wedge invalid if the price action manage to pierce through 8500 USD / broke the long term trend line since 2013.
Indicator is 4 hour look more bearish continuation would soon come but expect a sudden retest/bounce toward +- 9550/1st uptrend line that already been broken.
4 hour Indicators from top to bottom :
ADP : fail to regain it's foothold above accumulation zone and currently it's on distribution zone (bearish) as the buyer had a sudden lack of interest to buy BTC at this current price level.
MACD : show a bearish divergence and fulfill it's sign on histogram buyer. Seller histogram still had not increase significant yet. MACD line is still on bearish zone and create a early sign of bearish cross. if price action could not sustain above 9400USD it might get ugly for further downfall on price action.
DMI : -DI (seller power) is increase while it's being halted for a while and ADX (momentum strength) is weak for this current price momentum for now.
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.