BTCUSD Consecutive Lower Highs | Key Structural Support

Hello Traders!

Today’s update will be on BTCUSD which is in a defined down trend; Key levels needs to be watched for the direction of the overall trend.

Points to consider
- Trend bearish; Consecutive Lower Highs
- Structural Support holding
- Key resistance to break
- Stochastics in lower regions
- RSI neutral
- 200 MA to break
- Volume Declining

BTCUSD trend is clearly putting in consecutive lower highs signalling that sellers are in control. Structural support is holding, must hold for a bullish bias otherwise lower lows are probable. Key structural resistance to break, this will be bullish as it will change the structure of the trend.

Stochastics are in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. The RSI is neutral, hitting its ceiling, must break otherwise bearish.

200 MA to break, currently is giving BTC resistance as it goes sideways. Volume is clearly declining; an influx of volume is imminent and will come to fruition very shortly.

Overall, in my opinion, BTC needs to break resistance to change the market structure, currently the trend is in full control by bears.

What are your thoughts?

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And remember

“There is a huge difference between a good trade and good trading.” – Steve Burns