$BTC breaks the key resistance at $5600 - Market Analysis
Key levels
Short term
Supports—> S1: 5600 & S2: 5000
Resistances—> R1: 6200 & R2: 6500
Medium/Long term
Supports—> S3: 4700 & S4: 4100
Resistances—> R3: 6800 & R4: 7000
TA comment
The automated indicator designed by Cryptohopper, RSI with region crossovers (description in documentation) has signalled a short/sell. The RSI went from outside to inside the neutral zone, then signalling a sell when it started falling. If your shorting configurations are enabled, it would have shorted your BTC to buy them back when it starts raising again.
Potential scenario
BTC/USD just made a very awaited breakout. It has broken a key resistance at $5600, which now can become a highly important support if it is strong enough to hold the price around that level and doesn’t fall below $5600, performing a false breakout. This breakout means BTC reaching its 6 months maximums.
Pattern
After the most recent BTC pump, we can see how the first long bearish candles after the sudden increase engulfs the previous candle, then performing the candlestick pattern Marubozu Bearish. By selecting this pattern for your strategy, a sell signal is sent once this bearish pattern represented by one candle takes place.
-CRYPTOHOPPER-
Short term
Supports—> S1: 5600 & S2: 5000
Resistances—> R1: 6200 & R2: 6500
Medium/Long term
Supports—> S3: 4700 & S4: 4100
Resistances—> R3: 6800 & R4: 7000
TA comment
The automated indicator designed by Cryptohopper, RSI with region crossovers (description in documentation) has signalled a short/sell. The RSI went from outside to inside the neutral zone, then signalling a sell when it started falling. If your shorting configurations are enabled, it would have shorted your BTC to buy them back when it starts raising again.
Potential scenario
BTC/USD just made a very awaited breakout. It has broken a key resistance at $5600, which now can become a highly important support if it is strong enough to hold the price around that level and doesn’t fall below $5600, performing a false breakout. This breakout means BTC reaching its 6 months maximums.
Pattern
After the most recent BTC pump, we can see how the first long bearish candles after the sudden increase engulfs the previous candle, then performing the candlestick pattern Marubozu Bearish. By selecting this pattern for your strategy, a sell signal is sent once this bearish pattern represented by one candle takes place.
-CRYPTOHOPPER-