Price on Btc-e is flat at $3.80 | 60min time interval
For the past 13 hours, price has been gyrating around the $3.80 area. It seems that the moment of deciding the next move is getting closer.
On the long side: A resistance area around $3.85 has been identified. Price has tested and failed at this area seven times. It is estimated that a strong break above this point will increase the possibilities of price reaching the 200MA Upper BB resistance at $3.94 or even further. However, MACD is painting a negative divergence throughout the upward movement in price.
On the short side: A rising support line has been established from the recent lows at $3.57. A breach below this line may lead price lower to test the rally breakout support at $3.65 (green dotted line). A breach of the latter to the downside will increase the odds of testing the 200MA Lower BB at $3.60 or below.
Overall: Price is weak. Indicators are weakening with RSI being flat and the Stochastic failing to enter the positive area momentum. Overhead resistance at $3.85 still prevails.
Long: On a confirmed break above $3.85 – Max Target $3.94 | Probability: 30%
Neutral: Price Range $3.76 – $3.85 | Probability: 23%
Short: On a confirmed break below $3.76 – Min Target $3.60| Probability: 47%
Our Stance: Reducing long exposure.