Bitcoin fails to follow bullish scenario and breaks support

In our last Bitcoin analysis I pointed out that I was bullish Bitcoin as long as price held above the critical support of $8,500 and the RSI did not break below its support trend line. Unfortunately for bulls, both price and the RSI indicator broke below their respective support levels. This has lead to a move of $1,000 lower.

Red lines – wedge pattern

Black line -RSI support

It is important to know when one scenario gets canceled and when to get out of a losing position so that loses to not become larger. Breaking below key support at $8,500 and seeing the RSI break below support has lead us to cancel our bullish expectations for the short-term in BTCUSD. We now see a downward sloping wedge pattern being formed in the Daily chart. Downside target and possible reversal level is at $6,600 area. Until then we remain neutral. Trend remains bearish.

The material has been provided by InstaForex Company –

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Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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