BTC has currently 3 support lines, with a defined demand zone and 2 resistance lines, with a defined resistance zone , considerations:
- SHORTS
if breaks any support (uptrend supports and normal support)
take profits on demand zone
if breaks the demand zone , open again
- LONGS
if breaks any resistance (downtrend resistances and normal resistance)
take profits on resistance zone
if breaks the resistance zone , open again
RSI looks really overbought
My opinion, the currently scenario shows XBT going to test downtrend resistance but I believe it will fall to 16500 area ( demand zone , 0.5 or 0.386 fibo level), but will bounce back and will go higher until new year's eve and xmas.
- SHORTS
if breaks any support (uptrend supports and normal support)
take profits on demand zone
if breaks the demand zone , open again
- LONGS
if breaks any resistance (downtrend resistances and normal resistance)
take profits on resistance zone
if breaks the resistance zone , open again
RSI looks really overbought
My opinion, the currently scenario shows XBT going to test downtrend resistance but I believe it will fall to 16500 area ( demand zone , 0.5 or 0.386 fibo level), but will bounce back and will go higher until new year's eve and xmas.
Shows bullish trying to catch control again by the upper line, but a bearish movement has started by the lower line.
- DMI
Shows bullish converging to bearish line, showing bullish trying to catch control.
- MACD
The green line needs to cross the red line up to show bullish movement.
- RSI
Looks really overbought, a long opportunity its really near, unless it breaks the major uptrend support line.