Bitcoin/Dollar
The Daily trend is in a Downtrend technically indicated by following:
• Dow pattern- lower tops and lower bottoms (T1-B1-T2-B2).
• Price is currently trading BELOW the downtrend line.
• Bearish Cross of MA10 under the MA20, sell signal.
Prices are trading above the support level at 7000.00.
RSI:
• RSI is below the equilibrium level 50. Bearish momentum.
Taking under consideration all the above:
1. In case of a continuation move below and across the downtrend line:
We will recommend SHORT POSITIONS for the no position holders on Bitcoin/Dollar. Take profit.1 at 7000.00, take profit.2 at 5962.89 and take profit.3 at 4003.47. Stop loss should be a bit above the resistance level at 11774.36, thus the stop loss is at the area of 12000.00-12300.00.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
2. In case of a reversal move above the resistance area at 12000.00 (R1), we will recommend long positions.
• Dow pattern- lower tops and lower bottoms (T1-B1-T2-B2).
• Price is currently trading BELOW the downtrend line.
• Bearish Cross of MA10 under the MA20, sell signal.
Prices are trading above the support level at 7000.00.
RSI:
• RSI is below the equilibrium level 50. Bearish momentum.
Taking under consideration all the above:
1. In case of a continuation move below and across the downtrend line:
We will recommend SHORT POSITIONS for the no position holders on Bitcoin/Dollar. Take profit.1 at 7000.00, take profit.2 at 5962.89 and take profit.3 at 4003.47. Stop loss should be a bit above the resistance level at 11774.36, thus the stop loss is at the area of 12000.00-12300.00.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
2. In case of a reversal move above the resistance area at 12000.00 (R1), we will recommend long positions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.