Bitcoin started at 483 in the early hours of this morning, rising to a high of just over 500, but as I type, price has come back down to 483 again - there is a clear struggle between the bulls and the bears, each of them attempting to set the tone for this coming week.
Let's take a closer look at the latest BTC/USD chart below (click to expand). This time on the fifteen minute chart:
I've performed the Fibonacci study from the high of today at 504, until the current low at 483. The move down was pretty smooth, we can tell this by looking at the Awesome Oscillator, how all the bars during the downtrend were red, no interruption whatsoever, marked with an orange arrow.
Despite this, price has now stalled, putting restraint upon the bears, and for a number of key reasons.
1. Firstly, as mentioned above, 483 is actually today's low from twelve hours ago, i.e. price has already been there, so it makes it a natural point of support.
2. Not only is it today's low, it's also a Fibonacci retracement level on the H4 timeframe, :
"So to re-iterate, expect another test of 38.2% at 482 later today."
3. We also have the Stochastics now in oversold territory, with the K period now crossing above the D period, aiming to head north.
4. We have a candle (marked in a blue ellipse), that's a) a spinning top, and b) a bull candle that opened and closed below the lower Bollinger line, a very powerful reversal pattern.
As a result price has risen to the 23.6% Fib (on our M15 chart above), and we could see a rise to 38.2% in the short term. The only issue is the momentum of the Awesome Oscillator, until that turns green, it's hard to see price rising above 38.2%. In fact, I wouldn't be surprised to see another test of 483 within the next few candles.
Bitcoin started at 483 in the early hours of this morning, rising to a high of just over 500, but as I type, price has come back down to 483 again - there is a clear struggle between the bulls and the bears, each of them attempting to set the tone for this coming week.
Let's take a closer look at the latest BTC/USD chart below (click to expand). This time on the fifteen minute chart:
I've performed the Fibonacci study from the high of today at 504, until the current low at 483. The move down was pretty smooth, we can tell this by looking at the Awesome Oscillator, how all the bars during the downtrend were red, no interruption whatsoever, marked with an orange arrow.
Despite this, price has now stalled, putting restraint upon the bears, and for a number of key reasons.
1. Firstly, as mentioned above, 483 is actually today's low from twelve hours ago, i.e. price has already been there, so it makes it a natural point of support.
2. Not only is it today's low, it's also a Fibonacci retracement level on the H4 timeframe, :
"So to re-iterate, expect another test of 38.2% at 482 later today."
3. We also have the Stochastics now in oversold territory, with the K period now crossing above the D period, aiming to head north.
4. We have a candle (marked in a blue ellipse), that's a) a spinning top, and b) a bull candle that opened and closed below the lower Bollinger line, a very powerful reversal pattern.
As a result price has risen to the 23.6% Fib (on our M15 chart above), and we could see a rise to 38.2% in the short term. The only issue is the momentum of the Awesome Oscillator, until that turns green, it's hard to see price rising above 38.2%. In fact, I wouldn't be surprised to see another test of 483 within the next few candles.
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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