d.vezeris

BTCUSD 4H (03.07.2014) Tech Analysis Training

BTCE:BTCUSD   None
As you can see in 4H diagram (American Session), BTCUSD pair is into a symmetric triangle. There is strong support @ 633.25 from down side of the triangle as much as from 1.618 of fib.

MACD is bearish , RSI is downtrending. So the triangle gets all the focus.

Above the triangle is long , under the triangle is short. If it breaks the 633.25 support (short) take profit @619.25, level of the Kijun Sen(blue line). After that the strategy will be wait and see because there is possibility of reaction. Generally BTCUSD consolidates between 555 - 650.

Comments

Agreed, most likely seeing higher numbers in the coming week. But for now I'd be looking at a short.
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