BTC/USD - Next Attempt to Break the Downtrend Line
BTC/USD strictly follows the downtrend line after the local high at 17.179 USD which acts as major resistance. The downtrend line has already rejected the bulls 3 times. We can see the 4th attempt right now and need to watch out for a possible breakout. The major support is the previous low at 9.210 USD.
The price action is clearly above 20-day SMA which indicates that the bulls took in the last few day's frame.
However, the cyclic smoothed RSI approaches the overbought zone and MACD does not deliver a clear signal.
Combined, all this data provides a possible high-risk long opportunity:
Buy: 11.825 USD
Take-Profit: 16.900 USD
Stop-Loss: 9.210 USD
Risk/Reward: 2.5
BASIC, PLAIN and SIMPLE.
Liked this technical analysis? Follow me for more free technical analysis and high-quality content.
Telegram: t.me/hodlgang_taproom
Twitter: twitter.com/wesker_crypto
Steemit: steemit.com/@wesker
Ethereum Game: t.me/ethereumcash_bot?start=526609580
The price action is clearly above 20-day SMA which indicates that the bulls took in the last few day's frame.
However, the cyclic smoothed RSI approaches the overbought zone and MACD does not deliver a clear signal.
Combined, all this data provides a possible high-risk long opportunity:
Buy: 11.825 USD
Take-Profit: 16.900 USD
Stop-Loss: 9.210 USD
Risk/Reward: 2.5
BASIC, PLAIN and SIMPLE.
Liked this technical analysis? Follow me for more free technical analysis and high-quality content.
Telegram: t.me/hodlgang_taproom
Twitter: twitter.com/wesker_crypto
Steemit: steemit.com/@wesker
Ethereum Game: t.me/ethereumcash_bot?start=526609580
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.