BTC retraces
The daily chart shows a descending channel inside which BTC is evolving.
For many days now BTC is ranging between $7843 sat and $8395. $7843 (the bottom of the rectangle) corresponds to the 38,2% fib retracement level that plays the role of support level that price is trying to break
The indicator is ascending
All the observations above increase the probability of a price rise in the short term ($8395) and the medium term ($9000 corresponding to the top of the channel and to the bottom of the SSA) before BTC continues its downward movement.
In the 4h chart, we have the oscillator that shows an oversold situation denoting a likely drop in prices up to the tenkan sen ($8079)
Entry: 8079
TP1: 8395
TP2: 9000
SL: 7967
Want to trade derivatives on crypto? click on the link below
bitmex.com/register/t3PaY8
For many days now BTC is ranging between $7843 sat and $8395. $7843 (the bottom of the rectangle) corresponds to the 38,2% fib retracement level that plays the role of support level that price is trying to break
The indicator is ascending
All the observations above increase the probability of a price rise in the short term ($8395) and the medium term ($9000 corresponding to the top of the channel and to the bottom of the SSA) before BTC continues its downward movement.
In the 4h chart, we have the oscillator that shows an oversold situation denoting a likely drop in prices up to the tenkan sen ($8079)
Entry: 8079
TP1: 8395
TP2: 9000
SL: 7967
Want to trade derivatives on crypto? click on the link below
bitmex.com/register/t3PaY8
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.