The Daily trend is in a Downtrend technically indicated by following:
• Dow pattern- lower tops and lower bottoms (T1-B1-T2-B2).
• Price is currently trading BELOW the downtrend line.
• Bearish Cross of MA10 under the MA20, sell signal.
Prices are trading above the support level at 7000.00.
RSI:
• RSI is below the equilibrium level 50. Bearish momentum.
Taking under consideration all the above:
1. In case of a continuation move below and across the downtrend line:
We will recommend SHORT POSITIONS for the no position holders on Bitcoin/Dollar. Take profit.1 at 7000.00, take profit.2 at 5962.89 and take profit.3 at 4003.47. Stop loss should be a bit above the resistance level at 11774.36, thus the stop loss is at the area of 12000.00-12300.00.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
2. In case of a reversal move above the resistance area at 12000.00 (R1), we will recommend long positions.
• Dow pattern- lower tops and lower bottoms (T1-B1-T2-B2).
• Price is currently trading BELOW the downtrend line.
• Bearish Cross of MA10 under the MA20, sell signal.
Prices are trading above the support level at 7000.00.
RSI:
• RSI is below the equilibrium level 50. Bearish momentum.
Taking under consideration all the above:
1. In case of a continuation move below and across the downtrend line:
We will recommend SHORT POSITIONS for the no position holders on Bitcoin/Dollar. Take profit.1 at 7000.00, take profit.2 at 5962.89 and take profit.3 at 4003.47. Stop loss should be a bit above the resistance level at 11774.36, thus the stop loss is at the area of 12000.00-12300.00.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
2. In case of a reversal move above the resistance area at 12000.00 (R1), we will recommend long positions.