Right here is my bitcoin technical evaluation and value forecast with a 4-to-1 reward-vs-ratio commerce concept. That’s fairly aspiring so partial revenue taking may be executed alongside the way in which, at your discretion. The cease loss $21575. The take revenue goal is at $10657.
I hope the crypto gang does not kill me for this commerce concept. However I gotta name them as I see them, mates. Some HODL ‘ers might wish to wait with scaling up additional purchase positions, for doable decrease costs for BTC. Others might wish to contemplate hedging their cryptocurrency portfolios. Simply an concept. Do your individual analysis and commerce bitcoin at your individual danger.
As the next BTCUSD weekly value chart exhibits, bitcoin is constant to point out bearish indicators. Marked as ‘1’ beneath, it has crossed down the bear flag (crimson channel), and tried to rebound off of the long run inexperienced assist line, however failed once more. That was a very good place for a rebound ought to one can be in place. It’s now additionally beneath the vital $20k spherical quantity, beneath the December 2017 excessive, and really near this 12 months’s low, thus rising the possibility of retesting that low, within the close to future.
BTCUSD weekly value chart exhibiting bearish indicators
To enrich the bitcoin evaluation, please view the detailed video beneath that additionally consists of the commerce concept.
Please do your individual analysis and be at liberty to see a wide range of different opinions throughout the ForexLive technical analysis section.
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