Here is your Daily Bitcoin Market Analysis
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- Trend power is weak. The direction of trend is DOWNWARDS.
- Oscillators generate a SELL signal over the short-term (this week)
- Chart patterns generate a STRONG SELL signal over the short-term
On July 15 the price broke through below an ascending trendline . So, technically, we received a short-term trend reversal signal from upward to DOWNWARD
In fact, now is an excellent opportunity to enter SHORT. Watch for the opportunity to enter short at $9,700, which is the upper trendline of a short-term descending trend channel. The local resistance level is located at $10,200
, which should be used as a stop-loss.
the downside potential constitutes 10% over the next week, which you can increase to 100% by using a moderate (10X) level of leverage.
Based on this analysis, if the downward trend
continues, the price is likely to decline to the next significant support level
. Use the $44 price target as a take-profit level.
Exponential Moving Average
Fast EMA (3 Days)
: Is declining, and the price is below the moving average. This indicates that the short-term (intra-week) trend on BTC/USD
is heading downward.
Slow EMA (10 Days)
: Is moving sideways / slightly declining. Coupled with the fast EMA data, we are getting evidence that the BTC/USD
trend is going to further accelerate downwards.
indicates that the trend has reversed downwards. Its middle line is declining.
The Stochastic has reached the overbought range, and is currently moving down. The signal is to SELL. If the current trend continues to break away from the upward trend
, then we’ll likely see the price drop to the $8,350 mark.
Active Trade Signal:
- Sell at
- Forecasted P&L: $13,500 per 1 lot with 10x leverage
- Risk/reward ratio: 2:45
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