MaryJane
Short

Longterm resistance turned into support?

BITSTAMP:BTCUSD   Bitcoin / Dollar
838 17 30
Today, we have seen a dip to the former longterm resistance Level @ 680$ which now turned into the cetral pivot supportlevel.
If we have a look at the MACD and the RSI , we can clearly see the overbought Situation since the massive breakout ( wedge , with breakout Zone @ 470$ - Explosion ahead?https://www.tradingview.com/chart/BTCUSD/IpXMGvYz-Explosion-ahead/ ). Both indicators signalize a possible downmove.
Should the central supportzone at 680 can not sustainable defended , a further consolidation is thinkable.
In my Chart i illustrate the next Support zones, the fibos 0,382/0,5/0,618 (minimal / normal / maximal correction) : 645,8/604,92/564. At the minimal correction Level also is based the sma 20.
Prices above 680 are still bullish . The Chart clearly brightens, if btcusd             can trade above it s last high at 780.
Comment: here we go! nearly kissed the minimum correction level 38,2 fibo @ 645,83 at this moment! jihaaaaaaaaaaaaaa
Comment:
Central Resistance: 680!

The in my former Analysis shown Pivot resistance Level at 680$ is still valid!
In a very small timerframe (15min Chart), this Level is corresponding to a possible H&S.
Should BTCUSD1.26% trade above this Level, a Minimum TP could be 701, the max. 735$
Trading below 680 will strengten the bearish momentum. For further Information about further possible targets on the downside, please have a look at my other analysis
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MaryJane MaryJane
for the rosk-lovers....an anticyclical buy.... i don`t do this
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MaryJane MaryJane
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MaryJane MaryJane
trailing stop-example: If the present valid "2" is triggered, adjust your sultrashortterm sl to the "3?"
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MaryJane MaryJane
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actual
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MaryJane MaryJane
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hmmm
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MaryJane MaryJane
a new "3"
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MaryJane MaryJane
reached TP at 680 (former longterm resistance
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imo, i would prefer closing half of the position, and adjust the sl for the rest. with the actual sl you safe +25$
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MaryJane MaryJane
last valid "3" trigegred - Stopped out the illustrated example-intraday-trade
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MaryJane MaryJane
entry was 648, TP1 was 682, TP2 was 672--> + 29 Points or 4,45% unleveraged :-) Cheers
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