We have a pennant with a compression happening on the 6400 - 6200 range, while price has slide down slightly, we see the EMACD rising and the RSI show strength. There is also a bullish divergence, and the number of longs has seen a small increase. There is still a way larger amount of shorts that is near the ATH.
If BTC break the 6455 USDT, it would probably mean we have found a bottom and the bulls are taking over the market and confirming that bullish divergence.
On another hand, if we reach the 6095 USDT, the down trend will be confirmed and we will test a new support below.
If BTC break the 6455 USDT, it would probably mean we have found a bottom and the bulls are taking over the market and confirming that bullish divergence.
On another hand, if we reach the 6095 USDT, the down trend will be confirmed and we will test a new support below.
Note
We reached almost the resistance without breaking it 6440, then bounced down.As it has not broken the resistance is a good moment to short and buy back below. Stop loss above the resistance.
Note
Also, looking at the EMA 50 candles, a better point to buy back would be above it, so I would raise the stop loss at 6465 USD. If it cross that point, it would break the resistance and get above EMA 50
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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.