BTCUSD: Bitcoin Daily Chart Analysis

5 Mar 2018

The BTC raise last few days and reached 11532. It is getting closed to previous structure highs. The red zone indicates the resistance area, where all selling orders are most likely are placed. We know that the big institutional orders are usually placed at key levels and that area acts as the key level. Moreover, if we look the price action it is clear that the buying power is no longer there. The yesterday bar formed the hammer and today's will most likely complete doji. The power is shifted from buyer to sellers and the price drop is expected. Plus, stochastic shows overbought.