Published
5 years ago on
March 08, 2019
4 successive Daily bars with Higher Lows and nearly Higher Highs (ex-Thursday) is constructive for BTC/USD in the short-term. Bulls caused Stops to be elected above 3895.00, representing the 61.8% Retracement of the 4239.37 (24/12/18) – 3337.87 (29/1/19) range, with follow-through to an Intraday High of 3909.10 early in the European session.
3921.90 remains a short-term upside price objective, representing the 50% Retracement of the 4188.79 (23/2/19) – 3655.00 (27/2/19) range with additional Selling pressure possible around the 3923.64 level, representing the 61.8% Retracement of the 4414.89 (29/11/18) – 3128.89 (15/12/18) range.
Additional Buying pressure opens up Upside Retracement objectives at 3977.30/ 3987.97/ 3997.63/ 4026.62/ 4062.82 with Stops expected above.
On 240-minute chart, Price is trying to hold the 50-bar MA but Slow Stochastics have been Bearish for 3 Bars with SlowK’s decline creating more Divergence with SlowD. Bearish Convergence between MACD and MACDAverage is also increasing.
On 60-minute chart, Price is trying to hold the 50-bar MA (3857.75) but SlowD has just Bearishly crossed above SlowK and MACD is Bearishly Converging with MACDAverage.
Technical Support is seen around 3815.17/ 3763.33/ 3684.13/ 3620.14 with Stops expected below.
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