Global news had a huge impact on BTC and BITFINEX:BTCUSD broke all the support zones, even the indicators doesn't show any reversal signs. Possibly entry level is at 8000 , this level is supported by 100 day moving average and RSI is approaching the oversold region, previously RSI bounced from the 30 level and probably price will bounce back from this region. Entry price is at 8000 with stop loss at 4900 and target at 11000 and next target at 14500. Note: lookout for possible reversal signs for early entry levels
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Agree check on death cross and RSI on weekly chart. It is clearly indicating bearish signs. Need expert advise before I put my money
Sameer_Basha
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@Crypto-King, Yeah I agree with you but you can also see that every dip was a sudden sell off which regained its strength later. This is due to FUD and most investors think it is a good buying opportunity, you can see the patterns in the RSI and MACD, these patterns show good buying opportunity.
Crypto-King
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@Sameer_Basha, Thanks for the clarification, Now should we consider this bounce back as we are done or we will test support at 8K and 6K. Your thoughts...
Sameer_Basha
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@Crypto-King, I think market needs to stabilise and we need more reversal signs.