Bitcoin is injured and still trying to fight!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Welcome to this updated analysis on BTCUSD Let's get right to it!

You can see, the price actually extended above the uptrend channel (in blue) tested the bottom of the major overhead resistance zone (in red) and then retreated back into the uptrend channel . So, this is telling us a few things.

1. The breakout above the uptrend channel failed.
2. BTC was rejected on its an initial test of the exact bottom of the major overhead 6000 resistance zone , failing to maintain a price above 5777 on the Coinbase chart.
3. This price movement concurs with the exhaustion seen in numerous indicators.

Think about that for a second. We're seeing bearish divergences in the RSI , the MACD , Stochastics (you name it) while testing THE MOTHER of all overhead resistance. It's like Bitcoin is wounded, (the overhead resistance zone ) is going to win this first fight.

This information is to be used for educational purposes only, If you are a beginner trader, please check the normal trading as this is high-risk and can easily produce a loss. We share many, many trades that are basically risk-free.

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@GNTO Buddy cool strategy. I think everything will work out. I will follow you, interesting how it will end
Agree- thanks for sharing bud!
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