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CRPTSCAN
Nov 28, 2019 12:29 PM

BTC ANAlYSES  

Bitcoin / U.S. dollarBitstamp

Description

Inability to close the week under 7300$ level tells about possible deep correction of BTC.
We still are inside the downtrend channel, but daily RSI is currently oversold and daily MACD is closing to 0 point from red zone, what give us a chance to try to enter the long position.
First and the most serious resistance zone is around 7800$. If the price is able to break through this level and close under, we considering the possibility of continuing of local upward trend till next resistance around 8800-9000$. Additionally, the behavior of price between 6500-7300 looks like H&S pattern, what proofs our suspicious as for the increasing of the price.
In case of failure to break the 7800$ level, most likely the price will go to test low at 6500$.

Lucky trading and don't forget about risk management!
Comments
Glickwarlock
In case of neckline failure ( 7.4 k ) we could see a new low at 6.7 k or even less ( 6.1k ) if it don't find support at the trend line . Tnx !

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