The Bitcoin/Dollar Daily Diagram Technical Analysis Training shows the following:
BTCUSD has made a smooth downtrend movement from 640 to 604 last tree weeks. There is a big ascending triangle with a long term support green line and a small descending triangle with the red resistance line. In the last tree weeks movement the Kijun Sen (blue line) is supporting. The weekly diagram shows neutral trend.
So the first thing I see in diagram is that BTC follows the resistance line downtrend with Kijun Sen supporting. MACD is bearish and RSI has reach 50.
We have no special candlestick pattern. The price is above the KUMO, the Kijun Sen (blue line) but now it tries to break the Tenkan Sen (green line) down.
There is no special pattern except the descending triangle. The fib from 436.51 to 655 shows the 0.764 @ 604.05 target.
So it seems like shorting for 604.05. If then BTCUSD get into the cloud next target is 572.04. Stop loss above the red resistance line. If it breaches it then long above Tenkan sen for 655 first (this will force a long term reversal pattern).
BTCUSD has made a smooth downtrend movement from 640 to 604 last tree weeks. There is a big ascending triangle with a long term support green line and a small descending triangle with the red resistance line. In the last tree weeks movement the Kijun Sen (blue line) is supporting. The weekly diagram shows neutral trend.
So the first thing I see in diagram is that BTC follows the resistance line downtrend with Kijun Sen supporting. MACD is bearish and RSI has reach 50.
We have no special candlestick pattern. The price is above the KUMO, the Kijun Sen (blue line) but now it tries to break the Tenkan Sen (green line) down.
There is no special pattern except the descending triangle. The fib from 436.51 to 655 shows the 0.764 @ 604.05 target.
So it seems like shorting for 604.05. If then BTCUSD get into the cloud next target is 572.04. Stop loss above the red resistance line. If it breaches it then long above Tenkan sen for 655 first (this will force a long term reversal pattern).
