BTCUSD - short term analysis
As you can see in the chart, Stoch is overbought now and there is a convergence between the price trend and the Stoch trend. There is also a similar convergence on RSI.Once there is a confirmation from candlestick pattern and confirmation from Stoch (bearish crossing), I think that will be a good shorting opportunity.
On a longer term, The downside move should be followed by an upside move to start a new "hopefully" uptrend (maybe reaching up to 23K), as you can see that there is a ton of support at that level (5K) and it is also toward the end of the huge falling wedge.
looking forward to your comments.
On a longer term, The downside move should be followed by an upside move to start a new "hopefully" uptrend (maybe reaching up to 23K), as you can see that there is a ton of support at that level (5K) and it is also toward the end of the huge falling wedge.
looking forward to your comments.
Note
Only 2 hours left for the close of this candle, and the pattern is almost bullish engulfing. If it breaks above the resistance line, it will probably continue to rise. Be careful and wait for confirmation in any direction you decided to trade.Note
Now there is a good shooting star formation. stoch is about to cross below 80.
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