Bitcoin 12 hour consolidation
Bitcoin on the 12 hour time frame is consolidating. A 12 hour close below 7850 and it will be a confirmed support breakdown, leading to the next leg down to 6800-7000 range.
Price action has rejected the yellow 21 EMA and red 10 SMA and using both as resistance. The 12 hour timeframe is in a death cross formation and has confirmed the death cross with the strong rejection off the 55 EMA.
12 hour stochastic has had a bullish cross in the critical zone, waiting to confirm a cross above the critical zone for a potential short term bounce play.
12 hour RSI held beneath trend line resistance, below RSI EMA and in bear control zone. No divergence present
Price action has rejected the yellow 21 EMA and red 10 SMA and using both as resistance. The 12 hour timeframe is in a death cross formation and has confirmed the death cross with the strong rejection off the 55 EMA.
12 hour stochastic has had a bullish cross in the critical zone, waiting to confirm a cross above the critical zone for a potential short term bounce play.
12 hour RSI held beneath trend line resistance, below RSI EMA and in bear control zone. No divergence present
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