BTC Continues Undecided, Critical (IMO) to Remain Above 53,221
First breakout SUCCESSFUL
1. resistance
2. when strong breakout advances through resistance it becomes the base
3. classic cup base more selling (distribution) on the left side of the cup. Right side more accumulation (buying) up until breakout.
4. breakout on high volume price pops through prior high determined at the beginning of the cup formation.
Second Breakout FAILED
5. resistance failed and continues
6. breakout failed on low volume, first sign cup failed. Handle didn't form, not necessarily bad, however no strong indication that support and or consolidation is intact.
7. 53,221, if broken, especially on strong volume (volume above 50DMA) BTC will test 50DMA at 49.995. Confirm strength of direction by above average volume at this level.
8. volume continues to dry up, largest volume a distribution day.
9. RSI "possibly" heading below MA major sign of weakness. Last time Oct 10, 2020.
1. resistance
2. when strong breakout advances through resistance it becomes the base
3. classic cup base more selling (distribution) on the left side of the cup. Right side more accumulation (buying) up until breakout.
4. breakout on high volume price pops through prior high determined at the beginning of the cup formation.
Second Breakout FAILED
5. resistance failed and continues
6. breakout failed on low volume, first sign cup failed. Handle didn't form, not necessarily bad, however no strong indication that support and or consolidation is intact.
7. 53,221, if broken, especially on strong volume (volume above 50DMA) BTC will test 50DMA at 49.995. Confirm strength of direction by above average volume at this level.
8. volume continues to dry up, largest volume a distribution day.
9. RSI "possibly" heading below MA major sign of weakness. Last time Oct 10, 2020.
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closing this thread, please read my recent posts regarding BTC analysis.
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