Highlights
- The medium and short term trend bias are bearish.
- In a downtrend, a trader should know that if price
retraces from the recent low, a resistance level would be created. This
gives the trader the opportunity to place short trades.
BTCUSD
Medium-term Trend: Bearish
Resistance:
$7,000, $6,900, $6,800
Support: $6,400,
$6,500, $6,600
Yesterday, BTCUSD pair had a bullish outlook but the
bullish movement was short-lived. Bitcoin which was trading at $7,429.57
yesterday lost control to the bears who took the price to $6,621.17, as at the
time of writing. However, from the weekly chart, the 20-day moving average
crosses below the 50-day moving average indicating a bearish outlook of
Bitcoin.
Price is falling and
moving towards the previous low of $6,500. However, the RSI period 14 is level
21 which indicates that the market is oversold suggesting bulls could
take control of the market for a biref bounce. As the market is oversold,
traders could look for buy setup to form in order to place long trades.
BTCUSD
Short-term Trend: Bearish
From
the daily chart, you will find price of Bitcoin making series of lower
highs and lower lows symbolizing a bearish movement. The bearish trend line
over laps the price bars showing resistance levels where a trader can make
short positions. In a downtrend, a trader should know that if price
retraces from the recent low, a resistance level would be created. This gives the
trader the opportunity to place short trades.
Meanwhile, the RSI
period 14 is level 67 which indicates that price is in the bullish trend zone.
The views and opinions expressed here do not reflect that of
CryptoGlobe.com and do not constitute financial advice. Always do your own
research.
No comments:
Post a Comment