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Short

BTCUSD: Structured Sell on 1D and 1W.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is trading on a 1D Channel Up ( RSI = 71.215, MACD = 232.600, Highs/Lows = 208.7655) that has just made a Higher High at 5,784.30. This action is bearish enough on its own and is calling for a sell with TP = 5,250 (Higher Low expectation). What adds more selling pressure is the fact that it hit the 5,775 - 5,865 1W Resistance Zone (previously a monthly Support Zone from February - November 2018). If the rejection is indeed on the 1W level, once the 1D Channel Up breaks, we will extend the selling towards the 4,400 Support. The 1M Lower High trend line (red bold line) may also reject the current uptrend.


Long term charts on Bitcoin:


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