Red candle Today for BTC

I am seeing red today on Bitcoin. After a few days closing above the EMA 8, BTC has pulled back as of 5 p.m. Pacific Time, which is normal after a few days of steady trading. The trading volume has not been through the roof but steady each day. Judging by the volume as of now, it does not show a sell off but just a slight pullback. With so much information out there and stories about the future of Bitcoin, some are pulling profits and some are running scared.

We see that Stochastic chart has crossed and shows a pullback. Since it is low volume and not a huge red candle, I am not concerned. This appears to be a normal day. We cannot have all green days. These days are the ones that build up strength for a trader. If we look at charts with shorter time intervals like the 30 minute or even the 10 minute, we can be challenged to face our fears. It is scary when we look at the faster moving charts and we can seriously get scared and get ready to dump. Stay strong friend.

Remember the EMA 8 trend line is the key. When you see the closing each day above the EMA 8 be sure that it cannot be there forever. If the distance is close from the finish of the day to the EMA 8 then it may be a steady run. When you get these high volume surges driving the green candle to close way above the EMA 8 then naturally it will always come back to the EMA 8. It is the nature of the chart. As I suggested before, please take time out to study and learn charts. You are making an investment of your money, money cannot make decisions but you need to make decision for it. Bad decisions lead to a quick departure but smart educated decisions make you successful. That is what we want here.

The resistance was sitting at 2800. The last few attempts to break out did not manage to do so. Some weekend sell off and pullback has caused the price to move down a little. The support is sitting at 2485 and was the support last week and looks at this time to be for today. I hope it holds here which it should. Right now the candle is sitting on the 50% on the Fibonacci at 2492. The next level of support if it does not hold here will be the 61.8% 2387. Again, it should not test this next level.

I hope this can be of some help to you. I am not a financial advisor nor am I telling you what to do with your money but I am urging you to take the time and educate yourself and learn this. It is not rocket science but very easy if you teach yourself. I look forward in hearing from you guys.

All the BEST!