Topic: Bitcoin Update May 2 (Read 90 times)
thanks to the information, it is true that slow price changes should be a reference for investing and other transactions. the difference in the value of the change is a normal number, hopefully after this leads to improvement.
Price heading down to support with signs of strength developing on the lower time frame oscillators.
PRICE ACTION LEVELS
Resistances (same levels as yesterday) - Price is back to test the level of the intermediate resistance at $9.4k. Should price break above $9.4k the REAL test awaits at from $9.75-10k, which aligns with the .382 fib.
Supports (same levels as yesterday) - The previous support zone from the last updates has been washed out and made irrelevant, meaning price has entered and exited the zone without and real reaction, leading us to believe the next zone of support that could provide a real reaction is around $8.7-8.6k. Below $8.7-8.6k we see more support around $8k
INDICATORS
Moving Averages (same situation as yesterday) - We saw the 200 EMA act as support for price on the daily chart. We are still wedged between the 200 EMA and 200 MA on the daily chart. A break above the 200 MA would be a boost of confidence in buyers and potentially create some FOMO to the upside.
Ichimoku Cloud - At the moment, we see price breaking below the daily kijun support at $9k. Should we continue past our price action level listed above at $8.7k, we see the cloud edge at $8.4k, which happens to also line up with a price action level, giving that price range even more conviction
Oscillators - At the moment we see a 1H bullish divergence on the RSI as price makes a lower low and the Relative Strength Index posts higher lows. This is a sign that the underlying strength of the buyers are increasing
Conclusion
The volatility we expected to occur yesterday did indeed happen, this time though to the downside.
Price is slowing its move down and showing signs of a reversal back upwards. Overall this looks like a larger consolidation move, potentially before continuation upwards to attempt to try to break through the resistance levels around $10k
Twitter: @BoomerCapital
Web: boomerangcapital.org
PRICE ACTION LEVELS
Resistances (same levels as yesterday) - Price is back to test the level of the intermediate resistance at $9.4k. Should price break above $9.4k the REAL test awaits at from $9.75-10k, which aligns with the .382 fib.
Supports (same levels as yesterday) - The previous support zone from the last updates has been washed out and made irrelevant, meaning price has entered and exited the zone without and real reaction, leading us to believe the next zone of support that could provide a real reaction is around $8.7-8.6k. Below $8.7-8.6k we see more support around $8k
INDICATORS
Moving Averages (same situation as yesterday) - We saw the 200 EMA act as support for price on the daily chart. We are still wedged between the 200 EMA and 200 MA on the daily chart. A break above the 200 MA would be a boost of confidence in buyers and potentially create some FOMO to the upside.
Ichimoku Cloud - At the moment, we see price breaking below the daily kijun support at $9k. Should we continue past our price action level listed above at $8.7k, we see the cloud edge at $8.4k, which happens to also line up with a price action level, giving that price range even more conviction
Oscillators - At the moment we see a 1H bullish divergence on the RSI as price makes a lower low and the Relative Strength Index posts higher lows. This is a sign that the underlying strength of the buyers are increasing
Conclusion
The volatility we expected to occur yesterday did indeed happen, this time though to the downside.
Price is slowing its move down and showing signs of a reversal back upwards. Overall this looks like a larger consolidation move, potentially before continuation upwards to attempt to try to break through the resistance levels around $10k
Twitter: @BoomerCapital
Web: boomerangcapital.org
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