Daily analysis XBT/USD 002

8 Nis 2020

Good morning everyone, on todays analysis we will focus on higher timeframes and work our way down to hourly on XBT.

On the daily chart, we are have failed to break the higher high , or the lower low for that matter and are at 7430 High and 7152 Low, we are in an indecisive period or should we say more of a waiting period. Waiting because we are currently in an ascending wedge formation that barely touches the diagonal descending resistance from the big drop on March 20.

The ascending wedge is a bearish formation that forms an ascending recovery funnel after a big drop , but the fact that it might pass over the diagonal resistance line might neutralize this bearish formation and pass to a more bullish approach.

Our recomandation for the day : Stay away until we have a direction , you also win by not losing ! Scalping is possible on lower timeframes but with high risk.

Bonus: Even if decorelated with SPX , XBT might still suffer from an eventual incoming drop.

Follow us on live stream on Twitch for real time analysis and trading tools : https://www.twitch.tv/bitwolf_capital
Bitwolf Capital hedge fund : https://bitwolfcapital.com/