Taking a look back at my last post on BTC/USD, there was a huge bearish divergence in the 4HR chart. The rising wedge completed and we can see a 3- 4 % decrease in price.
Looking at the daily and weekly chart. RSI is extremely over bought. Multiple failed attempts to cross ATH.
RSI looks to make a relief in the longer time frame's. We can even expect to see a retest in new trend resistance (old support).
Projection is as followed if we can not hold the 16K support area a pull to the 14k support area (2019 resistance / new support).
Entry after confirmation of rejection at 16k support area OR Entry after rejection at 14k support area would both be good setups.
Previous Setup:
Full Trade Available & BitMex Trading Bot
||
vv
Looking at the daily and weekly chart. RSI is extremely over bought. Multiple failed attempts to cross ATH.
RSI looks to make a relief in the longer time frame's. We can even expect to see a retest in new trend resistance (old support).
Projection is as followed if we can not hold the 16K support area a pull to the 14k support area (2019 resistance / new support).
Entry after confirmation of rejection at 16k support area OR Entry after rejection at 14k support area would both be good setups.
Previous Setup:
Full Trade Available & BitMex Trading Bot
||
vv
