BTC/USD Update - Riding the Kumo Cloud

coinsholar (31)in #steempress • 6 years ago (edited)

Daily

With a strong rejection from the Kijun today, it seems things are only getting more bearish for the price action of BTC. I believe we will continue to ride this bottom of this cloud down to $6800 USD where we should see some bullish pushback. This may result in sideways trading for a few days until the next step in either direction. If we leg down, look to $6300 USD area for a support. If we leg up above Kijun, we will me resistance at the consolidation zone of about $7300 - $7500 USD.

Our crucial need right now is just simple volume. There is not enough buying power to push any bullish movements right now and the sellers remain in control.

RSI is also at a common support/resistance line at around 41. If we drop here, it may provide stronger evidence of more downward action as we wait for an RSI reset into oversold conditions. Stoch remains strongly oversold.

4 Hour

We have seen long candles down, then small volume sideways trades showing some weakness of the buyers. However, the past few hammer candles also show a bit of buyer strength and bullish resistance. Other buyers will most likely not enter trades until the often-talked about $6800 USD price area, so expect a tad more downward movement.

RSI hovers just above oversold while Stoch is oddly in a bullish high zone.