BTCUSD Abounds in New Bearish Microtrend

BTCUSD has been in a correction phase since the price hit 73,679.0. This correction appears to be a temporary pause in the long-term bullish trend. Within this consolidation phase, strong microtrends have emerged, offering trading opportunities. The market is now delivering the third microtrend within the ongoing consolidation. The first microtrend was bearish, established with a triple top pattern in April. The second was brief, beginning with the failure of a bearish order block in May, leading to a Change of Character (ChoCh). The current bearish trend has also formed after the break of a double-top neckline.

BTCUSD Key Levels:

Demand Levels: 60,800.0, 56,930.0, 50,580.0
Supply Levels: 67,260.0, 71,500.0, 73,680.0

What Are the Indicators Saying?

The Awesome Oscillator has consistently followed the trend, showing negative readings for bearish microtrends and positive readings for bullish ones. In addition to the Awesome Oscillator, the Lorentizan Classification Machine Learning indicator further confirmed the current bearish microtrend. This indicator signalled a selloff just as the double top neckline broke in June. The indicator string turned red, dominating the daily candles. This bearish trend has filled a fair value gap above 60,800.0. The next psychological price, which can serve as a target, is at 60,000.0. Until a structural shift, indicators and price action suggest a prevailing downward trend.

Learn from market wizards: Books to take your trading to the next level

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Chrisoil

• 

  Currencies Direct

• 

  Lou Gutheil

• 

  Deb Shaw