- Next few sessions are pivitol for Bitcoin Cash as we approach 255.
- The Volume Profile indicator shows that we are under the mean value area.
- There is more space to move on the downside for the relative strength indicator.
The daily chart above highlights the major levels to watch on the higher timeframe. Now 300 has been broken 251.68 seems to be the next major support zone to the massive 226 level.
From an indicator perspective, the RSI is now moving to lower levels but is still quite some way off the 20-30 oversold zone. The candlesticks are showing no real signs of a slow down in momentum and each red selling candle is bigger than the last on the daily timeframe, with volume also supporting the sell-side.
The Market Profile bell curve on the left-hand side of the chart is showing we have moved away from the mean distribution and 230 is now very important. If we see some momentum slowing down in the selling side we could move back. If not the next mean price hangs at the 156 zone.
On the 4-hour chart below, the candles are showing that the bearishness has not stopped. The RSI is in a more extreme position but still has room to manoeuvre to the downside.
The selling candles still have more of a volume weighting to them but the recent rejection bullish hammer candle and a close above 282 on the next 4-hour candle will help the bulls with a change in sentiment but at the moment we are still moving lower.
The next few sessions are crucial as we would confirm a lower high and lower low if the 255 level breaks and today we are trading at 279.
All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?