BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After an amazing week of bullish movement we moved into the very oversold territory in the RSI which usually leads to a retracement. This is indeed what occurred. Now we look at the price action on the daily timeframe and see the RSI has dropped back out of the over sold territory. This was followed by a small green candle after opening this morning 19/05/2019. This doesn't mean the bearish movement is over for this retracement, although it appears its slowing.
I've measured the retracement and projected the next bullish target at just over $9000.00.
At this point my view is that the bull's are beginning to fight back and we can expect to see the new high tested over the next week.
I've set a low 1% risk entry at 7350 and another stop - limit entry of 2% risk at 8353 if a new high is broken. If the prices breaks above 8353 I'll tighten up my trailing stop around 9050 as i expect that is where the next retracement may take place.

This is in no way financial advise and ones self needs to make their own decisions before investing.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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