Bitcoin daily consolidation
Bitcoin on the daily chart is consolidating. We have a confirmed higher high and lower low.
We are below the major liquid zone marked in the red rectangle, below the yellow 21 EMA using it as resistance, it is sloped downwards putting more pressure to the downside. We have also rejected off the 200 SMA and 200 EMA using both as strong resistance.
A daily candle close below the green liquid zone will confirm a support break, and will continue weekly downtrend to my next target of 6800. My weekly trend analysis is found here:
Daily Stochastics are trending up while price action is going sideways, allowing for a bearish reset.
Daily RSI is comfortable in bearish control zone. We have confirmed edge of bearish control zone as resistance, also below diagonal trend resistance from early August. No divergence is present, the previous bullish divergence already played out testing the yellow 21 EMA as resistance.
We are below the major liquid zone marked in the red rectangle, below the yellow 21 EMA using it as resistance, it is sloped downwards putting more pressure to the downside. We have also rejected off the 200 SMA and 200 EMA using both as strong resistance.
A daily candle close below the green liquid zone will confirm a support break, and will continue weekly downtrend to my next target of 6800. My weekly trend analysis is found here:
Daily Stochastics are trending up while price action is going sideways, allowing for a bearish reset.
Daily RSI is comfortable in bearish control zone. We have confirmed edge of bearish control zone as resistance, also below diagonal trend resistance from early August. No divergence is present, the previous bullish divergence already played out testing the yellow 21 EMA as resistance.
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