The Bitcoin exchange rate (BTCUSDT) is at the lower limit of the long-term horizontal range, which took shape after reaching a minimum of 26700 on 12.05.2022.
On the H4 chart, the consolidation figure after the downward impulse is most clearly visible. The figure resembles a triangle, which from the point of view of classical technical analysis is a continuation figure of the previous momentum. Our trading strategy signals confirm it, pointing to the current bears superiority.
We expect the bitcoins decline to the new minimum and the formation of a bullish divergence on the MACD indicator. After that, growth is possible.
How to trade.
Sell BTCUSDT (open short) with the first target of 26700. The goal of working out the triangle is around 26500.
On the H4 chart, the consolidation figure after the downward impulse is most clearly visible. The figure resembles a triangle, which from the point of view of classical technical analysis is a continuation figure of the previous momentum. Our trading strategy signals confirm it, pointing to the current bears superiority.
We expect the bitcoins decline to the new minimum and the formation of a bullish divergence on the MACD indicator. After that, growth is possible.
How to trade.
Sell BTCUSDT (open short) with the first target of 26700. The goal of working out the triangle is around 26500.
Trade active:
We stay bearish in BTC and confirm our recommendation.
Trade closed: target reached:
Close deals in whole/in part. Or/and use floating stop-loss to protect profit.