After an interesting day of the bears vs the bulls, BTC is finally at channel support at $6400. Let's see if this holds the next few hours.
There may be a potential long position to roughly $6900 near the top of the channel. We need to wait for confirmation. Failure to climb could result in continued sideways motion and a drop back to the $6000 region. RSI is looking bearish, but a MACD cross over (with declining histogram) could result in an RSI bounce back to the 55+ range.
Trade safely
I am not a financial analyst. Only trade what you are willing to risk. Risk = reward though and fortune favors the brave.
"fortis Fortuna adiuvat"
There may be a potential long position to roughly $6900 near the top of the channel. We need to wait for confirmation. Failure to climb could result in continued sideways motion and a drop back to the $6000 region. RSI is looking bearish, but a MACD cross over (with declining histogram) could result in an RSI bounce back to the 55+ range.
Trade safely
I am not a financial analyst. Only trade what you are willing to risk. Risk = reward though and fortune favors the brave.
"fortis Fortuna adiuvat"
Comment:
This trade has ended. Check my profile for current trades.