Short term ; Support : 10650 & 10500 Resistance : 10800 11000.
Break out from resistance yesterday 10600 made a minor rally for BTCUSD toward 10900 and currently looks like it will touch the recent trendline (yellow line) around 10650 area.
As long the price action above this up trend line btcusd might could continue it's impulse movement and vice versa do happen if it fail to maintain above this up trendline.
Looking at moving averages, Death cross (200 EMA & 51 EMA) on 4 hour seems nullified and it's poise for more bullish reversal/sideways. as long price action remain above these moving averages, it's more likely movement toward to upside could resume and vice versa if it's fail to maintain above these moving averages.
Indicators still on bullish area while currently is on retrace mode.
(from top to bottom)
- RSI + Stochastic RSI still moving above 50 value (bullish zone) and currently the momentum toward the upside is decrease for short term by looking at the stochastic RSI top out. RSI still above 50 value while stochastic RSI is bottom out is still considered bullish if the price action stay at current level.
- OBV historgram increase slightly by the recent days, volume is increase = volatility soon emerges preferable toward upside if histogram above the 0 value and vice versa do happen if OBV below the 0 value.
- DMI : Currently lack of momentum (ADX, whiteline) and +DI (buy power, green line) for current price action although it managed to get above -DI (sell power, red line) for now.
Thank you for your time to read this post and please take this idea as a grain of salt as reality always differ from what i expect as this post merely just an opinion.
and please feel free to share what your thought on comment section.
peace.