On a first glance the BTCUSD rally is in trouble.
RSI bearish divergence is evident; bulls failed to keep the price above
Crucial resistance of 11800. Not to mention 12k.
However, on a plus side - ema20 served as a support as we observed a bounce.
This bounce from ema20 also coincided with the trend line drawn across recent lows.
I am using this as a buying opportunity - first target 12400, second target 13k.
Break and consistent price action below the trendline and ema20 would invalidate the bullish case short term
Therefore, I am placing a stop loss below it at 11451. If ema20 doesn’t hold its a higher chance we will see dips to 10-10.5k.
RSI bearish divergence is evident; bulls failed to keep the price above
Crucial resistance of 11800. Not to mention 12k.
However, on a plus side - ema20 served as a support as we observed a bounce.
This bounce from ema20 also coincided with the trend line drawn across recent lows.
I am using this as a buying opportunity - first target 12400, second target 13k.
Break and consistent price action below the trendline and ema20 would invalidate the bullish case short term
Therefore, I am placing a stop loss below it at 11451. If ema20 doesn’t hold its a higher chance we will see dips to 10-10.5k.
