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BTCUSD Technical Analysis

Discussion in 'Expert Level' started by Arpit, Nov 1, 2018.

  1. Arpit

    Arpit Moderator Premium Member

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    We are looking at the 1D chart of BTCUSD. The charts seem to be forming a Descending Triangle Pattern. The Bulls tried to get over the Bears but couldn't succeed in it. And hence we say the closing prices below the Triangle Line.


    [​IMG]
    The RSI has been forming higher lows which may seem to be bullish but it is best to wait for the confirmation.

    There has also been the Tether problem and the price Difference going on various platforms which raises the concern. The MACD seems to be almost dead and waiting for some momentum in the market.

    We have our 100 EMA around 6700 and 200 EMA around 7061. Also, the Ichimoku cloud has the resistance around the 6700 level.

    Personally, I would recommend the breakout on the closing basis and hence we could then trade the setup on a low risk basis. We have the 6000 level support which the price action tried to touch various times. It is acting as a huge support. Any break below it could easily lead to 5800–5500 zone.

    Hence, trade the setup on the closing basis above the trendline.

    ONLY FOR RISK TAKERS:

    LONG BTCUSD around 6250–6300

    Maysee: 6500–6700–6800-open

    SL: 6043
     
  2. Arpit

    Arpit Moderator Premium Member

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    We may see support around $5,500 mark.
     

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