There is a trading opportunity to buy in BTCUSDMidterm forecast:
While the price is above the support 7306.30, resumption of uptrend is expected.
We make sure when the resistance at 10914.00 breaks.
If the support at 7306.30 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the trough at 7788 on 2019-09-26 and the trough at 7325.95 on 2019-10-23, the probability of downtrend continuation is decreased and the probability of resumption of uptrend is increased.
The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
A trough is formed in daily chart at 7306.30 on 10/23/2019, so more gains to resistance(s) 9937.75 and maximum to Major Resistance (10914.00) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 63.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support zone (9182.30 to 8480.50). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (9182.30)
Ending of entry zone (8480.50)
Entry signal:
Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons :
Take Profits:
TP1= @ 9937.75
TP2= @ 10914.00
TP3= @ 12316.65
TP4= @ 13737.50
TP5= @ 15000.00
TP6= @ 17095.65
TP7= @ 19704.20
TP8= Free
