Hello traders Let's come up with today's strategy for BTCUSD!
Today, BTCUSD continues to trade in a bearish correction within a bearish trend. Looking closely from the chart we can see that it has turned down in a recovery trend (indicated by the breakout circle on the 1h chart). In particular, the price quickly recovered, but was still limited within the previous strong falling channel. Theoretically, the price will adjust further.
Furthermore, BTCUSD is below 34.89(EMA), suggesting further downside is possible. The H4 setup shows BTCUSD operating near a bullish channel touch zone, with immediate support at $65,000. Breaking above this support with a slide would open the door to a sell-off as indicated on 1h. Therefore, we will maintain a selling preference, focusing on the two key levels represented on the chart. Our profit targets are set at $60,000 and $62,000, respectively. A false break above the price channel resistance could test local levels before further declines.
Do you share my opinion? Comment below to let me know what you think about BTCUSD!
Today, BTCUSD continues to trade in a bearish correction within a bearish trend. Looking closely from the chart we can see that it has turned down in a recovery trend (indicated by the breakout circle on the 1h chart). In particular, the price quickly recovered, but was still limited within the previous strong falling channel. Theoretically, the price will adjust further.
Furthermore, BTCUSD is below 34.89(EMA), suggesting further downside is possible. The H4 setup shows BTCUSD operating near a bullish channel touch zone, with immediate support at $65,000. Breaking above this support with a slide would open the door to a sell-off as indicated on 1h. Therefore, we will maintain a selling preference, focusing on the two key levels represented on the chart. Our profit targets are set at $60,000 and $62,000, respectively. A false break above the price channel resistance could test local levels before further declines.
Do you share my opinion? Comment below to let me know what you think about BTCUSD!
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