Market Thoughts: BTCUSD - 11/8/2019

in btcusd •  3 months ago  (edited)

Weekly

The weekly chart appears to be holding a support on 21-ema(yellow)in confluence with a white support line that was resistance lane last may 2019.

week-ema.png

Daily

21 Day EMA and 55 Day EMA is acting as support and rejected a Dump, however SMI oscillator show there could be further dumping, support might be tested for a 1 day or 2.

day-ema.png

4 Hour

A ichimokou cross (Red above the blue line) signal a Dump could happen and did happened. Price have bounce from the 200 EMA to a closed just above the 100 EMA. A dump or sideways action could still continue. There is no sign of bottoming yet.

4hour-ema-ich.png

Speculation

After we bottom out, I am hoping to see we bounce and test 9800, then we could see a Descending triangle formation, which is not necessarily a bearish pattern, but a pattern the market decides were should it go.

spec.png

Disclaimer: This is just a personal blog, I am not a financial advisor, this is not a financial advice.

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8900-9000 arrives in support zone. If it does, it may not fall, or if it does not, it may fall to the support zone 7200-7400.