InvestingScope

All downside targets hit, downside confirmation needed

BITFINEX:BTCUSD   Bitcoin
Our previous target set has been hit: 7,100 and 6,652 (previous 1W EMA50/ EMA100 cross). With yesterday's 1D candle battered down (STOCHRSI = 0.000, Williams = -91.780, CCI = -274.7620) following the breaking of the Rectangle's previous 5H support zone = 7,373.10 - 7,437.20, we now sit on a tight spot again awaiting a break-out confirmation. On 5H the sell indication was the two time rejection on June 3th's = 7,777.4 High and as previously mentioned, expect a very slow downward movement in the next 2 months. With 5H oversold on RSI = 18.481, we expect a relief sideways movement on today's session, starting from 1H (already STOCH = 52.812, Highs/Lows = 0), before further downside. Always keep in mind that 1W remains a Descending Triangle (MACD = -114.900, BBP = -2519.1500) and is the commanding long term bearish trend (soon to continue as a Channel Down when February's 6,000.0 bottom breaks). The volume has increased considerable (57.82K) indicating that this downtrend is sustainable. Assuming Feb - April lows = 6,000 - 6,432.4 is a support zone, if it holds then expect a rebound near the 61.80% Fib = 8,641.40 before another drop. My plan is to either short if 6,000 breaks (TP = 5,621.9 1W EMA100, 5,203.9 1M SMA20) or wait for 8,222 - 8,641.40.

Telegram: t.me/investingscope
www.investingscope.com

Over 65% accuracy on Private Signals Channel.

Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.

Free Channel: t.me/investingscopeofficial
Thông báo miễn trừ trách nhiệm

Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.