Bitcoin daily consolidating
Bitcoin on the daily is currently consolidating in between two liquid zones. Green support liquid zone between 7700-7850. Red resistance liquid zone between 8600-8700. A daily candle close below either liquid zone will confirm structure break. I am currently more biased to the downside as we are in a weekly downtrend.
Price action is currently trading below all major moving averages. Yellow 21 EMA, green 55 EMA, and cyan 89 EMA have negative slopes, adding pressure to the downside.
We have a daily death cross that will happen if price action is held beneath the 200 EMA for another 1-2 weeks.
Daily stochastics are trending down, but weak entering in the bearish control zone.
Daily RSI is in bear control zone, no divergence is currently present.
Price action is currently trading below all major moving averages. Yellow 21 EMA, green 55 EMA, and cyan 89 EMA have negative slopes, adding pressure to the downside.
We have a daily death cross that will happen if price action is held beneath the 200 EMA for another 1-2 weeks.
Daily stochastics are trending down, but weak entering in the bearish control zone.
Daily RSI is in bear control zone, no divergence is currently present.
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