Quick Update | 1HR time interval
Since the strong selling spike (5433 coins), price has been very carefully monitored while trading range has been widened.
For the past 4 hours a short setup on the confirmation below $373 has been triggered. If you are actively trading, breakeven stops are advised.
On the long side: At the time of writing, upwards resistance area is estimated between $373 (white dotted line) and $375 200MA (pink dotted line). For any significant rally to commence, price must overcome this area with strong volume.
On the short side: The strong selling volume lead price to $360 but instantly reversed to $366. Currently, $365 200MA Lower BB (blue dotted line) has provided support twice. A confirmed breach below this point will increase the possibilities of price resting back at the daily $356-$358 intermediate support area.
Overall: RSI confirmed price weakness but has painted a temporary bottom. MACD negative signal has expanded, indicating possible further weakness and Stochastic is mixed to negative. Finally, Parabolic SAR (white large dots) currently confirms the downtrend.
Our Stance: Neutral. Closed 2/3 of shorts.