12/03/2019/09:00CET
#BTC cooling off now. Are we on the way to a retest of the lows? Lets take a look at the chart for some clues
BTCUSD daily chart on bitstamp
- trading at _3823usd at press time
- As I mentioned yesterday, we look like probability leans toward us as least testing the ascending trend line which sits at 3780 usd today. I would like to see it find support here.
- the 21dema indicator, our short term trend indicator, is at 3810usd today, Just north of the trend line. Adds to the support.
- If we find support on this ascending trend line and 21dema, then we will be on our way to build ascending market structure for the short term.
- The battle with the 4000-4110usd resistance levels will define our market structure for the next month or so.
- Retest of the lows at 3k level is still on the table.
- I expect a lot of dip buyers will wade into the orderbooks if we breach 3500usd downwards.
- Bear case: if we retest 3k and cannot find support, all bets are off. (that was quite a useless waste of characters, I know! But as I consistently harp on: if you are a bull, you need to scrutinise the bear cases twice as thoroughly)
As always guys, leave comments, have fun and trade safe.