I am back today :D I have a bit of free time from my renovation works Did a bit of trading yesterday. Very rusty. Interesting to see this formation. Key moment to look at is when the 2 yellow lines: Key Support & Resistance Level / Pivot Level. Moves will be violent, be it up or down. TSI trending downwards and about to go below 0. MACD too about to go below 0. RSI remains flat. I am bias towards lower BTC. Queueing short between 81500 - 82000. We could be seeing BTC testing MA100 range if MA50 breaks. My bet is that MA50 will break.
$BTC ranging between the triangle. Will the green dotted line serve as the support range? MBB is close by. I have queued a small long at the green dotted range. Just small trades to get by. MACD seems to wither at the moment. Losing buying momentum? TSI is flat at the moment too. RSI ranges back around 53. Quite neutral. We saw prices range top at the triangle and tested lows along the ascending green dotted lines. Soon we see a breakout to MA100 or shall it drop to MA50?
$BTC now reaches to my triangle again. You can see clearly 2 days in a row, BTC tested and tried to break out of these imaginary lines. It is like always like unwritten rule for $BTC to follow. Will it hit MBB support at 64250 to retest or break out from the triangle? It does break out, we are looking at MA100 at 70000. Both MACD and TSI are in positive mood. Though it is trending up, its very stable and nothing explosive. RSI is now almost at 60. Can this momentum keep up? As July always bring this sort of counter trend rally in the bear market, will this end soon? Or will this time be different?
Support at MBB triggered $BTC upwards tick. Should have known better, the line convergence were there, It is always a magnet to pull the price action. Now we see prices surged above the MA50. TSI and MACD beginning to creep above 0. Its going into positive territories. RSI improving to above 55. An inverse head and shoulder forming? I did not enter my short, chicken out last minute as I felt a strange feeling. So I cancelled my queue before I slept last night.
$BTC moves suggest that the descending purple is the local resistance level. Yesterday $BTC tried to retest the MA50 but had a definitive rejection. Now it is back at MBB almost instantly with just 1 day wick downwards. MACD continues to contract and still runs below 0. In fact, MACD is slowly declining over the last 2 days. TSI still below 0. If my lines were real, we could be seeing a test at the purple line below at 59400
$BTC was trading between the wedge and finally we see today a breakout and the purple line now becomes sort of the local support. Will it be? MBB been tested and it bounced off it. We could very well be seeing some price action around MA50 and UBB. If that supports, MA100 to be retested? Interesting that July always brings a counter trend rally. Now question is whether this will be different or not.
As projected, $BTC is trading within the triangle in the yellow circle. Hit the purple line 2 times before rejection and now back a the ascending green dotted line. I am pretty sure $BTC is aiming for the MA50. Can my green dotted line provide support? TSI and MACD almost crossing over 0. Just flat lining now below 0. Just monitoring now.