BTC/USD technical analysis [30/04/2019]

By MrBullishSail | TA crypto market | 30 Apr 2019

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BTC is marking very well the point UA of the phase B of accumulation, this follow-up I am doing it since the temporality of 1W, basing me the system of wickoff for this scheme, the price should descend strongly, in the graph of above I have drawn a support located in the 3826, this could be a possible point of rest to continue descending even more.

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Image obtained from: http://www.wyckoffanalytics.com/el-metodo-wyckoff-incomplete

Let's remember that during phase B of an accumulation scheme the upper and lower reclaim are developed, as shown in the image above.

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Seen from the temporality of 1D, BTC is forming an SHS pattern that should be completed with a new test on the resistance of the 5353, this movement could be seen in the current candle or in the next, this pattern is accompanied by the increasing volume reduction during the movement of the candles within this price range.

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On the other hand, the current structure of the candles within the graph of the dominance of the BTC comes to confirm a possible bearish movement, the monitoring of the graph I have done in the temporality of 1W, being the current candle the one that began on April 29, it is still early to anticipate its movement, as we see in the image, the candle has not touched the resistance, however, has found much offer, it is always important to take into account the dominance of the BTC since the market uses much of this data to see rises and falls in the markets of the altcoins.

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Within the BTC market capitalization graph we can also see how the movement has been losing strength as it remains within this important supply zone.

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Finally, to finalize this analysis I have analyzed the BTC within the 3D temporality using the technical indicators: momentum and RSI.

 

RSI: the indicator is showing us that within the range in which BTC is currently very overbought, this in most cases is interpreted as a signal of sale.

 

Momentum: through this indicator we can notice a bearish divergence in the current BTC structure, while the price is in the side zone with a slight upward movement, the indicator shows a loss of momentum.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.


MrBullishSail
MrBullishSail

Technical Market Analyst Crypto trader


TA crypto market
TA crypto market

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