Bitcoin can retest 8500$ before breaking above 9000$
Bitcoin is currently trading in a falling channel. Bitcoin has also formed a descending triangle on the 4H timeframe. Descending triangles are bearish technical patterns.
We can expect bitcoin to break down from triangle support soon.
Bitcoin is also facing resistance from 50MA on 4H.
The next Major support for Bitcoin is at 8350$ which is also a 50MA support on the daily timeframe.
I am expecting Bitcoin to drop below 8500$, and bounce from 8300-8500$ area to retest Falling channel resistance which is at around 9150$.
Trade Signal:
BTCUSD LONG
Entries: 8200-8500$
Exit: 8900-9100$
Stop: 8000$
We can expect bitcoin to break down from triangle support soon.
Bitcoin is also facing resistance from 50MA on 4H.
The next Major support for Bitcoin is at 8350$ which is also a 50MA support on the daily timeframe.
I am expecting Bitcoin to drop below 8500$, and bounce from 8300-8500$ area to retest Falling channel resistance which is at around 9150$.
Trade Signal:
BTCUSD LONG
Entries: 8200-8500$
Exit: 8900-9100$
Stop: 8000$
Penafian
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