The market reached 50.00 level and bounced with following down movement. We have a bearish divergence between price and RSI and it's a reversal signal. Also RSI shows that the market is overbougth and opening short trades will be more logical. Sell below 41.20 with stop above the resistance level. Profit target should be at 34.00 level and the uptrend line. If the market drops to this support level, probably we'll see price reversal and new long opportunity.
P.S. If you think this information can be useful, please, like it and share. Also I will be glad to read your comments )
Gentlemen. Different timeframes can show different data. Cryptocurrency market events and news also have a positive / negative impact on price movements. If your relatively new to trading then I advise you to use a stop loss.
The only way your going to make real money with "managed risk" is by investing in your knowledge and learning how to read TA.
Good luck.
BobbyZilliox
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Do you think it's still moving downward?
gemelojay
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hello! you still think it has a chance of dropping to $40? Thanks for tip!
NordWind
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So far the level of support was created on 41.00 if today punches resistance 46.00 that is to repeat option 50 and even more. The risk is worth it, the first wave has made good profit in 80%.
lavandin99
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dude your turning like a wind. one moment its short now its long ! Maybe post a little less
DLavrov
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@lavandin99, different timeframes give different signals.
oetcap
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@DLavrov, exactly...case and point, BTC/USD daily and hourly right now :) @lavandin99 it's good to be objective in trading, not subjective