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Cryptotrading

Bitcoin consolidating in a box pattern.Bitcoin on the weekly time frame has given a bearish moving averages cross over and has been consolidating in the previous weeks range. The market is consolidating in a Box pattern. The market are in a bearish trend as Dow has broken its 29000 level after taking resistance from its weekly 20 ema and closed below its 200 ema. Global markets are negative and the crypto markets follow the similar trajectory of the US market. Coin, on the daily time frame, is taking a serious rejection and is constantly falling after getting rejected form the 20 DMA. It has been consolidating in a narrow range of 1.5-2% for three days. It has given fake outs on both side but couldn't sustain above/below the levels. On the hourly time frame, it is trading between 20 and 200 ema. Support :- 19290, 18870, 18600 Resistance :- 19630, 20000, 20330. The price range from 19290 to 19630 is a no trading zone. A swing or intraday trade can be initiated if the price sustain above the levels on the 60 minutes chart. Wait for the price action near the price levels before entering the markets.
BITSTAMP:BTCUSD
by Mambotrade