BTCUSD Iceberg Ahead!

Jun 18, 2020

BTC has been range bound for some time now. There has been particular difficulty breaking through the 10k barrier but we now appear to be tracing a descending triangle on the 4 hour chart. MACD also is showing weakness on the 4 hour chart. 50 and 200 day MA’s are also looming just above the current price. Would not be surprised to see a retest of the recent short term lows around 9200. A break there could expose the 8800 level.

Jun 19, 2020

Trade closed: target reached

We did reach the lower resistance at 9225. I closed the short position, now look towards the upper resistance of the triangle around 9400-9425 and may enter long if we breach the upper resistance