Falling BTC knife? Sure.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Dear Everyone,

Welcome to my first analysis on tradingview. First we will have a look on BTC .

We see that the price has pierced through fibonacci .236 level, EMA 200 and EMA 50 on the four hour chart without any resistance. Assuming the price drop was pretty fast and significant (within 24 hours), bounce back can be expected, forming small head and shoulders pattern (blue arrows). Currently, the price is situated in the neckline of the pattern, what can be considered as buy zone. On the other side, RSI has broken down the downtrend channel pattern and together with the divergence on MACD the indicators are signalizing further downside. Stoch RSI is converging, however the lines have not crossed each other (yet). Summarizing all the data, the buy order is to be set within the blue rectangle (around 10250) with stop loss below 10k level (under the black uptrend). Target for the upside is 11200.

This is not a trading advice, trade on your own risk :)

Best Regards,
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