An important change of character in Bitcoin?
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An important change of character may have occurred over the last few days in Bitcoin.
Since July this year we haven't seen any sustained activity down below the Kijun Sen indicator until now. Up until two weeks ago, probes below the Tenkan Sen were rejected quite quickly to the upside with solid buying coming in. The last break out below the TS was met with failure in the immediate reaction by buyers in bullsh white bodied candle. It was a good attempt but the sellers returned quite strongly to test to the KS which hadn't seen sellers trade through there since late July. Four days ago we saw the important close of price action below the KS and the noted change of character, where the sellers were previously losing commitment below the KS, now the buyers have been losing commitment.
It suggests that a long overdue correction may be probable.
We should be looking to support at the previous major swing low around 3600 and with it being just inside the top of the Kumo (the cloud), it looks like it may be an area where we could see a pause in the 1st time frame down trend.
Since July this year we haven't seen any sustained activity down below the Kijun Sen indicator until now. Up until two weeks ago, probes below the Tenkan Sen were rejected quite quickly to the upside with solid buying coming in. The last break out below the TS was met with failure in the immediate reaction by buyers in bullsh white bodied candle. It was a good attempt but the sellers returned quite strongly to test to the KS which hadn't seen sellers trade through there since late July. Four days ago we saw the important close of price action below the KS and the noted change of character, where the sellers were previously losing commitment below the KS, now the buyers have been losing commitment.
It suggests that a long overdue correction may be probable.
We should be looking to support at the previous major swing low around 3600 and with it being just inside the top of the Kumo (the cloud), it looks like it may be an area where we could see a pause in the 1st time frame down trend.
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Really motoring down now.
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