Bitcoin is under pressure.The Bitcoin exchange rate (BTCUSDT) is at the lower limit of the long-term horizontal range, which took shape after reaching a minimum of 26700 on 12.05.2022.
On the H4 chart, the consolidation figure after the downward impulse is most clearly visible. The figure resembles a triangle, which from the point of view of classical technical analysis is a continuation figure of the previous momentum. Our trading strategy signals confirm it, pointing to the current bears superiority.
We expect the bitcoins decline to the new minimum and the formation of a bullish divergence on the MACD indicator. After that, growth is possible.
How to trade.
Sell BTCUSDT (open short) with the first target of 26700. The goal of working out the triangle is around 26500.
Sellbtcusdt
Go Short on BTC - Bearish DivergenceH4 Stochastic forms a bearish divergence and price comes the trend line breakout.
SELL around 34600
Stoploss : 35800
Target : 33000
Note:
This is not a financial advice and it is only for educational purpose, Do you own analysis. I will not be responsible for your loss.
BTCUSDT UpdateThe coins is yet to find its way outside the asymmetrical triangle. It still pays to maintain a bearish sentiment at this moment. You're expected to change your sentiments only if the coin can :
1. break out of the asymetrical triangle and travel North
2. achieve a cross over on H4 moving average.