BTCUSD Bounce Long
Updated
This dump is evidently oversold, with RSI failing to make new lows and forming a bullish divergence with the initial FUD dump to ~4020. MACD is yet to recross but every time in the past it has come this low it has quickly retraced ~50-100% of the previous dump. StochRSI has recrossed in the oversold range and is now heading back up. Tenkan and Kijun are also squeezed together showing a lack of solid bearish trending and a likely bullish recross. Most of all, the weekly candle has wicked down to perfectly touch the trendline formed from the last retrace from ~4400 -> ~3600 and the previous ATH of ~3k. Very strong bullish case here with a low risk reward with a stop set below the trendline bounce/bottom at $3722. Buy range: 3750-3950. T.P 1: 0.5 Fibonacci resistance line ~$4350. T.P 2: TBA if 0.5 breaks and holds.
Note
Unfortunately this trend line didn't put up much of a battle, stopped out in the low 3700's.Note
Shame when China takes a shit and gets in the way of T.A: twitter.com/YourBTCC/status/908285586368167936Note
Measured move down to the goldilocks zone at the 0.5 fib (*previous ATH bear reversal*) which coincides with a bullish converging Kijun/Bollinger Bands default 20 period moving average.
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