seildev

Confusing BTC but SAME PATH AT THE END!!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi Seildev here,

Hope everyone has had great easter break and spent time with their loved ones.
Today we're looking at BTC/USD pair and 3 horizontal supports are drawn which will act as support or resistance in the upcoming days/weeks. For our first scenario in pink arrows we're looking at first hitting low 6k first before a rally up to 8260 before testing major support at 4990 and see another bounce there.

Our second scenario is our green arrow breaking through the support trend line and the trend resistance line. Once we see a break through above 8990 then we can see the bulls taking control and stay within the upward trend line formed since July 2017.
Things to note:

- Stoch indicator at mid 20’s. We have historically seen a reversal when Stoch indicator is below 25
- Buyzone if price action above 8990
- RSI sloping downwards. Looking for a break through.

As always, trade with a plan and safe trading.
If you enjoyed this chart/analysis, please send me a PM and I’ll be glad to help you further.
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