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Bitcoin ripe for a sell off!
The Technicals
A descending triangle is about to breakdown on BTCUSD. If the $6000 price level is broken a strong sell off will ensue, possibly low as $5200 given by the -61.8% Fib support level calculated from my Fibonacci Bollinger bands indicator. In addition, my smart RSI indicator is showing this level of bearishness has been seen less than 5% of the time over the last 365 days. Considering that this is the 3rd touch of the support line, it appears that all the technicals are ripe for a strong sell off. My recommendation is to short Bitcoin and take profit as it moves into the lower $5000's, perhaps in between $5200-$5500. Once in this range, I would look to re-evaluate for entry into a long position. As for a stop loss, if BTCUSD makes a solid move above $7000, and the smart RSI crosses over the lower reference line, I would say that it is likely BTCUSD will turn bullish again and you should watch the upper bound of the triangle for a break. As Bitcoin crosses above $6500 look to do a trailing stop loss.
Disclosure
Remember to always do your homework before placing any trade. I take no responsibility for any losses that result in any way as a result of this analysis.
A descending triangle is about to breakdown on BTCUSD. If the $6000 price level is broken a strong sell off will ensue, possibly low as $5200 given by the -61.8% Fib support level calculated from my Fibonacci Bollinger bands indicator. In addition, my smart RSI indicator is showing this level of bearishness has been seen less than 5% of the time over the last 365 days. Considering that this is the 3rd touch of the support line, it appears that all the technicals are ripe for a strong sell off. My recommendation is to short Bitcoin and take profit as it moves into the lower $5000's, perhaps in between $5200-$5500. Once in this range, I would look to re-evaluate for entry into a long position. As for a stop loss, if BTCUSD makes a solid move above $7000, and the smart RSI crosses over the lower reference line, I would say that it is likely BTCUSD will turn bullish again and you should watch the upper bound of the triangle for a break. As Bitcoin crosses above $6500 look to do a trailing stop loss.
Disclosure
Remember to always do your homework before placing any trade. I take no responsibility for any losses that result in any way as a result of this analysis.
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