BTC: There is blood on the streets. That's the time to buy.

We are still in a broader bear trend, this is why this trade has moderate targets. During last capitulation, we had oversold RSI, followed by a short bounce of the price back to the EMA (10) and had our final drawback to 6k. Currently that's really the only support we have, if we do not want to go back a few months. I expect we have a little bounce and retest this area of support. The bounce will be smaller this time. Critical areas are the test of the 50 EMA and then we face some big resistances over 8300 and finally the long term downtrend. I expect the downtrend to continue, however this might be a good possibility for a 1-2 week trade.

Since we get very volatile during these times, the buy zone is a bit bigger.

Buy: 6000-6500
Sell: EMA (50), 8000-8400

Comment:

we just had that bounce, back to the EMA (19) and now form the second bottom and RSI will move to oversold again, while we enter our buy zone.

Comment:

retest of 5900 likely. important zone.

Trade closed: target reached:

we hit buy zone and sell zone. trade closed