Inability to close the week under 7300$ level tells about possible deep correction of BTC.
We still are inside the downtrend channel, but daily RSI is currently oversold and daily MACD is closing to 0 point from red zone, what give us a chance to try to enter the long position.
First and the most serious resistance zone is around 7800$. If the price is able to break through this level and close under, we considering the possibility of continuing of local upward trend till next resistance around 8800-9000$. Additionally, the behavior of price between 6500-7300 looks like H&S pattern, what proofs our suspicious as for the increasing of the price.
In case of failure to break the 7800$ level, most likely the price will go to test low at 6500$.
Lucky trading and don't forget about risk management!
We still are inside the downtrend channel, but daily RSI is currently oversold and daily MACD is closing to 0 point from red zone, what give us a chance to try to enter the long position.
First and the most serious resistance zone is around 7800$. If the price is able to break through this level and close under, we considering the possibility of continuing of local upward trend till next resistance around 8800-9000$. Additionally, the behavior of price between 6500-7300 looks like H&S pattern, what proofs our suspicious as for the increasing of the price.
In case of failure to break the 7800$ level, most likely the price will go to test low at 6500$.
Lucky trading and don't forget about risk management!
Lucky trading and don't forget about risk management rules.
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Our web site: crptscan.com/?utm_source=TV
Twitter: twitter.com/CrptScan
Public Telegram Channel: t.me/sadhayes