The Bitcoin mini futures are trading above their upward trend line on a 30 minute time frame. The price has also formed a downward triangle pattern which reflects that the downward pressure is taking in control of the price however, price need to break out of this pattern and towards the downside before we can confirm the projection of this triangle. The price is also trading below the 50 day and the 100 day (shown in yellow and red lines) moving averages which means that the bias is towards the downside.
However, a very interesting divergence is shown by the MACD and the RSI indicators which are not trading in line with the price action. What we mean by that is that while the price is making the lower low, the indicators are not confirming this momentum.
Important Zones
221-224 Support Zone
235-233 Resistance zone
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam