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.
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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
