Once a trend is broken or retracing the price action usually finds S/R at certain horizontal levels as well as moving averages. Especially when there are clusters of both. we all know that once a level is broken the price tends to move to the next level of S/R. To me, trading off of dynamic S/R levels has been rather profitable. Right now BTC is trading below its 21 sma? Next target, in case of further down action is 50 SMA. However the price action on 3 weekly chart hasn't reached the 21 sma as of yet. MFI, Stoch rsi and rsi have been added to the chart. Its obvious now that all three indicators are pointing down. Stoch RSI along with RSI can not be very reliable in my humble opinion. However, oversold and overbought conditions on MFI should be considered. And boy, oh boy, right now its down down down :))
Also, one of the 3weekly candles has gotten completely outside of the bands, which, is a sign of exhaustion, right guys.
Please let me know what you think about this little macro analysis of mine. Don't judge too harshly. I am just an apprentice of TA.
Also, one of the 3weekly candles has gotten completely outside of the bands, which, is a sign of exhaustion, right guys.
Please let me know what you think about this little macro analysis of mine. Don't judge too harshly. I am just an apprentice of TA.
