Technical Analysis: Bitcoin 07/12/2020

0 15

Bitcoin is currently trading around 19233$, also on a clear uptrend. The uptrend is identified using 4hr and 1d candle chart showing that BTCUSD is trading above the 200EMA.

Bitcoin has been consolidating lately before the next move. First resistance to test is around 19328$. First support line is around 19106$ depending on the recent trend line.

In the chart below, you can observe BTC, the trend line mentioned and the resistance line. A confirmation of the uptrend will be the bullish cross of the MACD indicator, aiming to test first resistance and test 2nd resistance of 19642$.

A good long entry should be around 19120-19150. Set your stoploss using the ATR indicator on 4 hour chart.

Please remember that this is not a financial advice, this is a trading idea, do your own research and trade wisely.

Thanks for your attention,

Crypto Army

1
$ 0.00
Sponsors of Cryptoarmy
empty
empty
empty

Comments