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Signal_Centre1
Jul 22, 2021 1:47 PM

Bitcoin sell the downtrend. Short

BITSTAMP:BTCUSD240
Bitcoin / U.S. dollarBitstamp

Description

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Bitcoin - Intraday - We look to Sell at 33420 (stop at 34202)

Daily signals are bearish.
Trades with a bearish descending triangle formation.
Trend line resistance is located at 33500.
Bespoke resistance is located at 33500.
We look for a temporary move higher.
Preferred trade is to sell into rallies.

Our profit targets will be 31116 and 30516

Resistance: 32500 / 33000 / 33500
Support: 32000 / 31500 / 31000
Support and ResistanceBitcoin (Cryptocurrency)bitcoinpricebitcoinusdBTCUSDBTCUSDTbitcoinforecastbitcoindollarBTCCryptocurrency
Comments
TRADiNG_hub
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Simple and Powerful Setup 😍🏹
Signal_Centre1
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@TRADiNG_hub, Thank you.
Mudrex
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RSI is still above the midline and MACD histogram is also suggesting a bullish momentum, don't you think?
Signal_Centre1
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@Mudrex, Bullish momentum is present, that's why we have the sell order at the downtrend where the momentum is expected to be exhausted.
f-73
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Like it.

Moreover it may paint an inverted H&S or Cup&handle.
Signal_Centre1
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@ft-73, In order to see the bespoke head and shoulders, BTC would need to retest and find support at $31000.
RyodaBrainless
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Very Informative Chart, Thanks for sharing
Signal_Centre1
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@RyodaBrainless, You are welcome!
Mihai_Iacob
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Nice and clear creation
Signal_Centre1
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@OptimoomFX, Thank you.
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