Hello Guys,
Today 5 June 2020,
I saw some cautionary signs for bulls from the CME chart which I want to share here.
Quick Note: I am not bearish on BTC as long as it is holding above the 21EMA Daily.
1) Weekly RSI pattern:
On the weekly CME RSI chart I saw a trend line which has been acting as a support/resistance for almost a year now. At present we see consolidation just below this trend line, if we see break above it will be a phenomenal buy opportunity or another rejection from this trend line could send BTC back to 7-8K zones. So do keep eye on this line.
2) Daily Shepherd:
On the daily shepherd chart we see early signs of a massive sell signal, these daily signals are very powerful and usually give multi 1000$ moves (I have highlighted last 2 of such signals). To see the confirmation of this signal we still have to wait for couple days.
3) Daily Fibs:
Looking at the daily PA chart we see multiple rejections from the 0.382 Fib level, if we see another confirm rejection then next significant support is at 0.5 Fib @8645 which could put BTC @84xx level. After the break of 0.5 Fib my most important target is the Golden pocket of 0.618-0.65 Fib which is @7340-7000 zone, if CME gets there it will be another nice buy opportunity on BTC.
4) Daily key levels:
These 2 levels will help us know which way this chart could go, on the upper-side if we see break above 10010$ on CME then we could see BTC make push all the way to 11400$. On the other hand if we see break below 9560$ then the targets which I mentioned above becomes active, 8600$ at 0.5 Fib being the first key level.
I hope you find this info useful.
Happy and safe trading…
Chao…
Today 5 June 2020,
I saw some cautionary signs for bulls from the CME chart which I want to share here.
Quick Note: I am not bearish on BTC as long as it is holding above the 21EMA Daily.
1) Weekly RSI pattern:
On the weekly CME RSI chart I saw a trend line which has been acting as a support/resistance for almost a year now. At present we see consolidation just below this trend line, if we see break above it will be a phenomenal buy opportunity or another rejection from this trend line could send BTC back to 7-8K zones. So do keep eye on this line.
2) Daily Shepherd:
On the daily shepherd chart we see early signs of a massive sell signal, these daily signals are very powerful and usually give multi 1000$ moves (I have highlighted last 2 of such signals). To see the confirmation of this signal we still have to wait for couple days.
3) Daily Fibs:
Looking at the daily PA chart we see multiple rejections from the 0.382 Fib level, if we see another confirm rejection then next significant support is at 0.5 Fib @8645 which could put BTC @84xx level. After the break of 0.5 Fib my most important target is the Golden pocket of 0.618-0.65 Fib which is @7340-7000 zone, if CME gets there it will be another nice buy opportunity on BTC.
4) Daily key levels:
These 2 levels will help us know which way this chart could go, on the upper-side if we see break above 10010$ on CME then we could see BTC make push all the way to 11400$. On the other hand if we see break below 9560$ then the targets which I mentioned above becomes active, 8600$ at 0.5 Fib being the first key level.
I hope you find this info useful.
Happy and safe trading…
Chao…
