Hey everyone, here's my analysis on BTCUSD
Summary:
There was a breakout of the trend line and price is making a pullback to its previous breakout level where we could see a drop, as illustrated by the yellow dotted lines.
Action:
Sell Limit: 7120
Stop Loss: 7343
Take Profit: 6567
Analysis:
On the D1 chart, price is facing a key resistance zone which it failed to break above, as seen by the most recent wave of drop in price. When we look at the H4 chart, there was a breakout of the trend line and price is making a pullback to test the previous breakout level and we could see a drop from the first resistance zone, between 7120 - 7195.
Disclaimer: There is a very high degree of risk involved in trading and investing. Past results are not indicative of future returns. Trading BEAN and all individuals affiliated with this site assume no responsibilities for your trading and investment results. All contents featured here are solely for educational purposes and ARE NOT investment or trading advices. Please do your own due diligence and trade at your own risk.
Summary:
There was a breakout of the trend line and price is making a pullback to its previous breakout level where we could see a drop, as illustrated by the yellow dotted lines.
Action:
Sell Limit: 7120
Stop Loss: 7343
Take Profit: 6567
Analysis:
On the D1 chart, price is facing a key resistance zone which it failed to break above, as seen by the most recent wave of drop in price. When we look at the H4 chart, there was a breakout of the trend line and price is making a pullback to test the previous breakout level and we could see a drop from the first resistance zone, between 7120 - 7195.
Disclaimer: There is a very high degree of risk involved in trading and investing. Past results are not indicative of future returns. Trading BEAN and all individuals affiliated with this site assume no responsibilities for your trading and investment results. All contents featured here are solely for educational purposes and ARE NOT investment or trading advices. Please do your own due diligence and trade at your own risk.
Trade closed: target reached