Looking at the XBT/USD daily here. We have confidently broken the short term uptrend and have been rejected by the dominant trend line formed by the wedge we are in. This makes me lean slightly bearish in the short term and a move down would be no surprise. However, there is hope for the bulls if they can defend the 50 Day MA. This would keep the price within the congestion zone (BLUE ZONE) that has been forming for the past month and a half. We could see this zone turn to support if it holds up. The RSI is also moving back into a neutral zone. Let's keep and eye on it because a move is definitely coming!
Happy Trading and lets a a profitable week!
Happy Trading and lets a a profitable week!
Kommentera:
This is playing out very accurately.
