BTCUSDT, Daily Technical Analysis (Wed, 5 Feb 2020)

BTCUSDT, Daily Technical Analysis (Wed, 5 Feb 2020)


BTCUSDT has not escaped the price range around 9100 - 9600
The current BTCUSDT trend is moving sideways, after an uptrend 8300 - 9600
Upward direction is still superior (D1, H4)

The latest sign H4 is that the candles have a long lower shadow and a high volume
Indicating a sign of buying force from 9100 up.
This is the fierce support from below 9100.
(Check H4 chart and see EMA50 strong support)

BTCUSDT may rebound from the buying areas (9188 – 8888)

Again, H4 chart shows a rising pin bar from 9100 with high volume
Indicating that the price does not accept lower than this zone.
The break down was very weak and was immediately rejected from 9100

The small boost pin bar could be a setup to buy.

CONSIDER:
- Buy stop at the pin bar tip, stop loss at the pin end;
- Buy limit at 50% of pin bar length, stop loss at the pin bar end;
- Feel that this pin bar is not strong enough, can wait for more new setups
- If prices fall lower, can buy up from 8888, because the structure is still retained UP TREND.