Trading plan: BTCUSD (Bitcoin)
Bitcoin rate is still in flat. The technical analysis of Bitcoin rate shows that near the level of $ 7620 there is a line of its support. The analysis of Bitcoin volume shows the predominance of bears, but bulls buy everything back, and therefore the price is in a narrow corridor.
Bitcoin rate is clamped in a bull Triangle. The correct output of Bitcoin's rate from this Triangle should be upwards: from $ 7620 to $ 7800. We are counting on the wrong way out today - downwards: from $ 7620 to $ 7400, because we are in a downward trend.
Priority of the day: sell BTCUSD with a target of $ 7400.
If the bears can push Bitcoin rate below $ 7600, then the scenario for sale is very likely. Otherwise, the bulls will win the battle, and Bitcoin rate will rise to $ 7800.
Projected scenarios:
1. The rate of BTCUSD will drop from $ 7620 to $ 7400.
2. Bitcoin rate will rise from $ 7620 to $ 7800.
Alternative scenario:
Reserve option - another day in flat.
Bitcoin rate is clamped in a bull Triangle. The correct output of Bitcoin's rate from this Triangle should be upwards: from $ 7620 to $ 7800. We are counting on the wrong way out today - downwards: from $ 7620 to $ 7400, because we are in a downward trend.
Priority of the day: sell BTCUSD with a target of $ 7400.
If the bears can push Bitcoin rate below $ 7600, then the scenario for sale is very likely. Otherwise, the bulls will win the battle, and Bitcoin rate will rise to $ 7800.
Projected scenarios:
1. The rate of BTCUSD will drop from $ 7620 to $ 7400.
2. Bitcoin rate will rise from $ 7620 to $ 7800.
Alternative scenario:
Reserve option - another day in flat.
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.