The bitcoin-dollar rate is trading at 6398 at the time of writing, which is 0.85 percent below its Sunday maximum. The pair found a stable support area at 6350-6400. But this does not signal enough purchases to break the level above the giant downward trend line. Honestly, the market is in a long-term bearish bias, so any of these conflicts when shifting in the short term can strengthen its previous sales sentiment.
Hence, on the daily charts, BTC / USD can lead to a well-traded seabed direction of around 6000. There may be accumulation, as evidenced by historical price action. And a couple can take another shot on the downtrend trend line above. However, BTC / USD is consolidating within a range of triangles, which is narrowed every day, assuming that the break / breakout action will be extremely inevitable.
A breakthrough from here, meanwhile, could put the pair on the path to a 100 percent moving average, while still confirming the trap scenario discussed in one of our previous analyzes. In short, the market would need an insane bullish strategy, perhaps as much as $ 10,000, to even confirm a stable medium-term bullish bias.
We will focus on our day trading, in the meantime, to try to figure out the maximum profit we can get from the intraday price action.
Internal analysis BTC / USD
We are in the last segment of our Fibonacci retracement chart from 6151 to a minimum of 6479. We currently focus on 6354 as our temporary support. Resistance at the same time relates to the area 6479-6500. We also expect an early rebound from a downtrend trend line in purple.
To begin with, we have already entered a short position in the direction of 6354 after closing below an intraday high of about 6453, while maintaining a stop loss of about 6457. At the same time, the effect of a raise in combination with an increase in volume anywhere above the support zones and the short-term uptrend trend line allowed we would take a long position in the direction of the downward trend. A further break, and we will put a similar position in relation to the intermediate resistance. In both cases, a stop loss of about 4 points below the entry position would determine our risk management perspective.
Meanwhile, the breakdown action below the support area, we will enter a short position in the direction of 6315. A stop loss at 3 positions above the entry position minimizes our losses if the price changes.
Author: Leonid Shchekutev, an analyst at Freedman Club Crypto News