As we now see, following yesterdays 4-hour analysis...
...the long wick candle and subsequent rally failed to get cleanly above the resistance level, with price action now re-resting that same level.
Stochastic RSI shows oversold, MACD is pushing up.
It could certainly go either way, but we currently favour a small bias to the downside, watching for that 3% drop to support level below. From there we'll be checking the volume profile to see if buying interest comes into the bitcoin market, or if indeed we breach the floor of support and then... watch out below.
SparksterSignals helps you build and optimise trading strategies with fully backtested performance metrics. Visit us to explore the current beta version of our platform.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
...the long wick candle and subsequent rally failed to get cleanly above the resistance level, with price action now re-resting that same level.
Stochastic RSI shows oversold, MACD is pushing up.
It could certainly go either way, but we currently favour a small bias to the downside, watching for that 3% drop to support level below. From there we'll be checking the volume profile to see if buying interest comes into the bitcoin market, or if indeed we breach the floor of support and then... watch out below.
SparksterSignals helps you build and optimise trading strategies with fully backtested performance metrics. Visit us to explore the current beta version of our platform.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
