BTC Tries For Green Daily Candle

Neither this post, nor any other at cryptofal.com, should be taken as financial advice. It is not.

BTC is looking for a green candle on the daily chart, and it’s attempting to maintain a support from early October. MACD and the MFI are still waiting for a definitive swing upwards as well while BTC searches for steady support. It should be noted that BTC is consolidating fairly strongly on the shorter time frames as well. This could mean that if support is maintained, we could start to see an influx of buy-side pressure sometime soon. Of course, it’s important to keep in mind that the weekly candle chart still has both the MFI and the MACD trending downwards, so keep in mind we still may have a red weekly close for this week.

The 4-hour candle chart is trying to make a swing upwards, however it remains to be seen whether they can maintain this trend as it gets closer to testing areas of resistance. Meaning, if it’s rejected at resistance, we could see another test of support.