BTCUSD - Intraday - We look to Sell a break of 46884 (stop at 48054)
Price action has formed a bearish ending wedge formation.
20 1day EMA is at 42700.
A higher correction is expected.
Trend line support is located at 47700.
A break of 47000 is needed to confirm follow through negative momentum.
Trading close to the psychological 50000 level.
Bearish divergence can be seen on the daily chart (the chart makes a higher high while the oscillator makes a lower high), often a signal of exhausted bullish momentum, or at least a correction lower.
Bearish divergence can be seen on the 4 hour chart (the chart makes a higher high while the oscillator makes a lower high), often a signal of exhausted bullish momentum, or at least a correction lower.
Our profit targets will be 43126 and 42016
Resistance: 50000 / 50600 / 52000
Support: 48200 / 47700 / 45600
Price action has formed a bearish ending wedge formation.
20 1day EMA is at 42700.
A higher correction is expected.
Trend line support is located at 47700.
A break of 47000 is needed to confirm follow through negative momentum.
Trading close to the psychological 50000 level.
Bearish divergence can be seen on the daily chart (the chart makes a higher high while the oscillator makes a lower high), often a signal of exhausted bullish momentum, or at least a correction lower.
Bearish divergence can be seen on the 4 hour chart (the chart makes a higher high while the oscillator makes a lower high), often a signal of exhausted bullish momentum, or at least a correction lower.
Our profit targets will be 43126 and 42016
Resistance: 50000 / 50600 / 52000
Support: 48200 / 47700 / 45600
