BTCUSD Key Levels|Pivotal Point|Volume Climax|10K Psychological

12 juni 2020Evening Traders,

Today’s Analysis – BTCUSD – breaking down once again from the $10,000 Psychological level, now trading at local resistance.

Points to consider,
- Impulse bear move down
- Local resistance (multiple confluences)
- Range support (bear target)
- RSI and Stochastics overextended
- Volume Climax evident.

BTCUSD’s impulse move down broke below local resistance which has multiple technical confluences.

The 200 MA is in confluence with the .382 Fibonacci retracement , body candle closes below or above this will give us a directional bias.

The bear target is range support; BTCUSD is in a clear range on the daily timeframe

Both RSI and Stochastics are recovering form overextended conditions, a swing low failure will be a bullish sign.

BTCUSD has established a volume climax node; this usually indicates a temporary bottom as price finds its equilibrium before its next impulse move.

Overall, in my opinion, BTCUSD’s price needs further development; price action will help with the directional bias as this is a pivotal point in the chart.

What are your thoughts?

Please leave a like and comment,

And remember,

“The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor.” – Jesse Livermore