BTCUSDT 38400 Weekly Update May01-08 #18 (Part1)
Higher time frame:
BTCUSDT ~38400 the M closed below the M21(38200), but price rebounded after the close.
The macro directional move is still downward
M50ema-M50sma=26-21k
Q21EMA=23.3K which is currently at mid point btw the 50ema and the M50ma
The M21e could continue to provide support until market volatility increases with big volume.
Would expect 950k to 1.2M MONTHLY volume (On coinbase exchange) for a capitulation to take place. Until then, the btc volatility will most likely to remain low
Price is below the 3d 21 and macd remains negative. This makes the trend to still be down
The D21e and D100e will continue to provide short term trend resistance to try to keep price to make low highs.
The next downside fib temporary support (0.786-0.888) is at $35705-34350
There are not enough evidences/signs of a reversal yet.
BTCUSDT ~38400 the M closed below the M21(38200), but price rebounded after the close.
The macro directional move is still downward
M50ema-M50sma=26-21k
Q21EMA=23.3K which is currently at mid point btw the 50ema and the M50ma
The M21e could continue to provide support until market volatility increases with big volume.
Would expect 950k to 1.2M MONTHLY volume (On coinbase exchange) for a capitulation to take place. Until then, the btc volatility will most likely to remain low
Price is below the 3d 21 and macd remains negative. This makes the trend to still be down
The D21e and D100e will continue to provide short term trend resistance to try to keep price to make low highs.
The next downside fib temporary support (0.786-0.888) is at $35705-34350
There are not enough evidences/signs of a reversal yet.
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