BitcoinShort
BTCUSD(the bear trend continues)
Using the ichimoku metrics for doubled cloud settings (20,60,120,30).
The set up is still bearish but with a slight bullish(weak) TK cross below the cloud(red cloud). The first TK crossing below the cloud since November 3rd 2018.
This crossing goes along with the BULLISH DIVERGENCE.
Bullish divergence occurs when price makes a lower low but the indicator forms higher lows. The two data streams diverge in direction. Price will eventually, usually, follow the indicator higher.
If the price trend is down, then look for divergence among the valleys, not the peaks. When you spot divergence, recognize that the price trend may change. This doesn't mean an immediate buy, but consider taking a position soon, especially if you receive other confirming signals.
LOOK OUT:
Price will move up to test some resistance ahead with targets of $3600 up to $3750. If the current support doesn't hold, price will likely test the old support support at $3200 down to $2983.
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
The set up is still bearish but with a slight bullish(weak) TK cross below the cloud(red cloud). The first TK crossing below the cloud since November 3rd 2018.
This crossing goes along with the BULLISH DIVERGENCE.
Bullish divergence occurs when price makes a lower low but the indicator forms higher lows. The two data streams diverge in direction. Price will eventually, usually, follow the indicator higher.
If the price trend is down, then look for divergence among the valleys, not the peaks. When you spot divergence, recognize that the price trend may change. This doesn't mean an immediate buy, but consider taking a position soon, especially if you receive other confirming signals.
LOOK OUT:
Price will move up to test some resistance ahead with targets of $3600 up to $3750. If the current support doesn't hold, price will likely test the old support support at $3200 down to $2983.
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
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