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Short

forexTrdr BTCUSD - THE BITCOIN BEARISH ENGULFING

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Morning traders

For those of you trading crypto its worth noting that Bitcoin versus US dollar has formed a bearish engulfing on the daily and is forming consecutive lower highs on lower volumes pointing to a break lower.

Its no surprise to see that it is in over bought levels on both RSI and stochastic but coupled with collapsing volumes at these resistance levels and now the formation of a bearish engulfing candle pattern on the daily its setting the market back up to retest 6500/6600 support area .

As always we try to keep our analysis clean and easy for anyone to be able to follow but should you want to learn more then please do get in touch.


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Good luck trading

from the Team at forexTrdr



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