Steve's Gun2Head - Selling BitcoinTrade Idea: Sell BTCUSD
Reasoning: Shooting star on hourly chart
Entry Level: 31860
Take Profit Level: 30460
Stop Loss: 32210
Risk/Reward: 4:1
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Sellbtcusd
Bitcoin moving within critical RedZoneBitcoin Technical Overview:
Key Resistance: $6280 - $6340 - $6392 - $6450
Key Support: $6230 - $6170 - $6116 - $6036
Technical Indicator:
RSI: RSI lacks upside momentum, in chart dotted red line is strong resistance for XAUUSD.
MACD: Indicator having strong seller volume.
Moving Avg: SMA50 ($6388.41) & SMA20 ($6434.35) strong resistance for the day (4H Chart).
Most Likely Scenario Short Below $6400 with target $6150 - $6036 in extension.
Alternative scenario Long Above $6400 with target $6465 - $6520 in extension.
Overall, Cryptocurrency market value dropped back below $200B, Bitcoin has returned to critical support level created by $6,100-$6,200. Once it is cleared, the decline may be extended.
Thanks
YoCryptoManic
Bitcoin needed to avoid a reversalBitcoin Technical Overview
Day Trading Range: $6410 - $6070
Day Resistance: $6365 - $6450 - $6480
Day Support: $6280 - $6200 - $ 6130
Technical Indicator:
MACD: MacD shows short term bullish volume.
Moving Avg: SMA20 is support Bitcoin at $6310, if break it than more down fall.
Most Likely Scenario: Short Bitcoin $6400 - $6450 with strong stop loss $6588 & target $6330 - $6250 - $6170 in extension.
Fundamental:
On the news front, regulatory news weighed on the crypto market in the early part of the, the decision by the SEC to suspend a number of cryptocurrency trading products adding fuel to the already negative sentiment seen across the cryptomarket.
While the bears will be looking towards this Thursday’s meeting, eyeing up sub-$6,000 levels, there are plenty of other drivers for investors to continue factoring in, these including ongoing SEC decisions and review of Bitcoin ETFs and other cryptomarket investment products and the much talked about unified G20 rules and regs.
Thanks
YoCryptoManic