#BTC #Bitcoin #BTCUSD hitting downside targets

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

Since the Triangle Breakdown and break of 9100 Support Bitcoins price already reached our second Targetzone nearly perfectly and is now at a real important Price level which will determine our next moves.

Technical Perspective

We want to take a look at the Daily but before we just sum up the weekly chart where the picture hasn't changed much.
Weekly Stochastic is still heading down, and we are trading below the 20EMA
Weekly RSI is currently in the middle of the Scale with RSI way above it.
So the Weekly looks really bearish looking at these simple facts.

Looking at the Daily Bitcoin chart we can see that the 377EMA (coming in at 7700 USD) has been already tested twice.
Daily Stochastic has reached already the bearish control zone but are still pointing down.
If we compare the RSI from Nov. 2018 to this years triangle breakdown we maybe get a hint when the
Market will try to gain strength again.
The Daily RSI dropped to 30 which goes align with the 0.786 Fib Level.
Seeing the Daily RSI dropping again the vicinity of 20 with price action bouncing of will give you the Signal to pay attention to it.

The play on Bitcoin is not that hard it just requires some patience and a good risk management setup to play this asset in both directions.

As major resistance we have the 9100 Price or as we maybe get lower I like to extend the highest Trendline of the last pattern breakdown. From this resistance zones I would manage my risk of for trades to the downside.
Coming Closer to the bottom with Oscillators on the Weekly and Daily turning to the Upside will give me the first signs of where I can seek for long trade setups and where i can manage my risk to support.
Trade Safe!

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