Bitcoin - Stuck in a channel between McGinley Dynamic and 200EMAAfter repetitive attempts to rise upwards through the 200EMA, BTC is now using the (2017) 0.382 Fibonacci green zone as support which strengthening by aligning with the (Current) 0.236 Fibonacci and the McGinley Dynamic, A persistent strong price level that always shown to be quite resilient in the previous attempts.
The McGinley Dynamic has proven to be useful in the current trading environment as to avoid spikes in volatility/price separation while also becoming a "layer" of support which Buy Positions are obviously placed behind (last two breaks have been rebounded sharply with volume).
Knowing that, places BTC within a channel support of the McGinley Dynamic (no one wants their $$$ doing the hard work to break through support/resistance's lined with buy points) and the consistent resistance of the 200EMA (No catalyst to sustain price above this level), so we have a stalemate, at least for the time being. Aggressive trading may change that.
What the above graph shows is that traders are primary using the Daily, Fibonacci and EMA for long term direction, McGinley Dynamic for Buy Positions along with MACD, RSI for trend and volume along with the Ichimoku Cloud, in which Senkou B rejects any entry, quite strongly to be precise.
If your looking for entry/exit points, either side of these indicators (McGinley/200EMA) would be great place to start, but usually in times of indecision... where the Lion's in play, watching is safer then playing.
Will keep updating in regards to the exit of this channel, in which could provide possible future direction, as a break in either indicator will effect a significant shift in the overall trend direction.
CerealTrader
BTC is seeing some tough times , so I should write this:
***Education Purposes only***
