YoCrypto
Short

$BTCUSD - Big Downward channel in play - Bias is bearish!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hope you all are doing great and safe. I wish good health to you and your loved ones. Family always comes first.

Best appreciation would be LIKES on the idea if this helps you and do give us a FOLLOW.

On a Daily timeframe , BTCUSD has been forming a big downward channel since Jun'19 and now BTC is at a pivotal point as can be seen in the chart above. It is touching mid-range of the channel which is also confluent with the big resistance area as highlighted in red.

Also, to support this idea, RSI is also at a resistance point (Yellow line) and is already pointing downwards. Very simple yet very strong indication that we will be having a move downwards to the bottom of the channel. Bitcoin halving event is around 13th May'2020 (as highlighted in chart) and i expect this downward move to be completed before the halving, hence BTC is going to likely make a bottom (touch the bottom of the channel) at around ~4000$ levels which i believe should be good area to buy BTC for long-term.

Historically, BTC price has always increased after the halving and i expect the same to happen this time as well.

ALL THE VERY BEST and hope this idea has helped you to gain some clarity.

Hit Like button if you LIKE what you see and do give us a FOLLOW.

Thank You
Yo Crypto

Comments

expecting long trend.
Reply
Just to add, in weekly timeframe, there is a strong resistance as can be seen in the chart. Weekly close below 6700$ will add to bearish confirmations. Take a look at the resistance line in the chart below.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out