BTCUSD: Buy on dips (confirm target $74000

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Major trend line resistance - 5720 ( trend line joining $4488 and $5488)

BTCUSD has broken major trend line resistance around $5720 after a long consolidation. It hits low of $3215 on Dec 15th 2018 from all time high of $19891 made on Dec 17th 2017 (more than 80% sell-off). The pair hits intraday high of $6145 and is currently trading around $6042.

Overall trend is bullish as long as support $5197 (300- day EMA ).After a long time the pair has closed for continuous one week above 300- day EMA confirms major trend reversal and a jump till $6600/$7400 possible.

On the lower side, near term support is around $5457 (23.6% fib) and any break below will drag the pair to next level $5197 (300- day EMA ) and any daily close below $5197 confirms further weakness , decline till $4530 (200- day MA)/$3700 is likely.

In daily chart CCI (50) is showing Bearish Divergence and a minor decline till 5500-5600 is possible. Use this dip as buying opportunity.

It is good to buy on dips $5650-5700 with SL around $5150 for the TP of $7400.


There’s another typo. You put “$” in front of your numbers but the chart is for Tether. Dollar exchanges are significantly below $6,000 at the moment.
Haha I think there may be an extra zero in the title :)
FxWirePro MoonMath
@MoonMath, yes sorry
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