Short Term Update: BTC/USD turns down from Resistance

chartBitcoin turns down from the expected resistance level of the previous update. This occurs after price action rose dramatically (around $400  in total) in a substantial bullish correction extending back to the Dec 7 low just above $500. Next downside support target resides around the key $810 price region near the volume average, which is an important support/resistance as explained many times. To the upside, in the event of a breakout above first deviation line, the next upside target to watch resides around the price region of the previous double top ($1150).

Again, a combination of price and time indications has given a nice selling opportunity at $960(rsi sell short signal and first deviation line resistance).

Advertisements