BTCUSD - Short Term RSI Divergences and Key Price Movment
Updated
Hello, Despite the recent bearish trend, the bullish RSI divergence suggests a potential rebound. This divergence often signals a weakening of the bearish monentum and a possible upward price movement.
My Bias Bearish in the short term due to the series of lower highs and lower lows. However the bullish RSI divergence suggest a potencial rebound or at least a temporary halt to the downtrend.
My Entry/Exit Strategy:
Entry Point: Considering the bullish divergence, entering a long position around the current price level of $60,900 could be a strategic move
Stop Loss: To manage risk, set a stop loss slightly below the recent low at around $56,000.
Take Profit: Potential profit targets could be set around the $64,000 resistance level an d if bullish momentum continues towards the $72,000 peak
Future Prospects Watch for a break below the $56,000 support level to confirm continued bearish momentum break above $64,000 signal the end of downtrend and a resumption of bullish activity.
For Traders: Given the bullish RSI divergence, consider entering a long position while monitoring key support and resistance levels. Ensure proper risk management with stop losses in place.
Regards
My Bias Bearish in the short term due to the series of lower highs and lower lows. However the bullish RSI divergence suggest a potencial rebound or at least a temporary halt to the downtrend.
My Entry/Exit Strategy:
Entry Point: Considering the bullish divergence, entering a long position around the current price level of $60,900 could be a strategic move
Stop Loss: To manage risk, set a stop loss slightly below the recent low at around $56,000.
Take Profit: Potential profit targets could be set around the $64,000 resistance level an d if bullish momentum continues towards the $72,000 peak
Future Prospects Watch for a break below the $56,000 support level to confirm continued bearish momentum break above $64,000 signal the end of downtrend and a resumption of bullish activity.
For Traders: Given the bullish RSI divergence, consider entering a long position while monitoring key support and resistance levels. Ensure proper risk management with stop losses in place.
Regards
Trade closed: stop reached
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