BITCOIN New Potential Resistance Trend Line Formed
Is anyone else having trouble with Steemit lately or is it just me? I've been having trouble viewing pages and such. I posted this morning and it never actually posted.
Anyway, earlier I mentioned that we could potentially be on the way to a double top if/when BTC touches $4,472. Potentially, we might not get there as there may be a new downward resistance trend line establishing.
BTC broke the upward trend line, so this appears to be the next established trend line.
Volumes have been diminishing, and BTC broke the $4,356 resistance with a volume decline, signaling the bears are waiting to apply pressure. In addition, RSI highs have been lower with increases in price. This divergence signals an end to a trend. Reversal doji's on the recent 4-hr chart have been confirmed with bearish volume and candles.
$4,356 has broken already as support since it provided no resistance on the way up. The large volume bars have all been bearish for the last 3 days.
Upper resistance still sits at $4,470.
Support now lies at $4,266.
Happy Friday!!!
steemit is under DDos. use busy.org until sunday all issues will be fixed by them.
thanks for the heads up.
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Yip we all.been having issues hopefully tomorrow all will be sorted. Cheers ;)
How do you know where the resistence and where the support is ?
It’s based off of previous price action.
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