Short term ; Support : +- 9350 USD & +- 9150 USD || Resistance : +- 9530 USD & +- 9660 USD (previous broken up trendline)
Still moving below the recent broken uptrendline (yellow line) which is a bad sign for BTCUSD Medium term. double top pattern would becoming more obvious as price action could not surpass the neckline resistance (around 10000 USD).
While the good news is the price action still hover within a Falling Wedge pattern as if the price action drop, it would still valid falling wedge until 8500 area. Depending on which exchange your looking at might be different.
Indicator mostly turn toward bearish while there's lack of momentum for bearish trend to commence.
Indicators 4 hour from top to bottom :
- MACD : seems flatline on the momentum histogram same thing also with macd line still on bearish zone.
- ADP : On the distribution zone (bearish area). Until it break the median line (neutral zone) i'm still consider current trend is leaning toward bearish.
- DMI : -DI (sell power) is still on the dominated side compare with +DI ( buy power) althought had a slightly being halted. I wait for -DI to cross above ADX again to confirmation of more bearish trend.
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.