BTC/USD ANALYSIS
The bounce in Bitcoin that started on May 29 failed to break out of the 20-day EMA.
This led to fresh shorting by the bears. Once price broke below the support levels,
the bulls were forced to liquidate their long positions.
Selling increased when the digital currency broke below the critical support level of $7,100.
The support zone between $6,700-$6,900 is also not finding any buyers,
which increases the possibility of a drop to the next support at $6,075.04.
The only thing that is in favor of the bulls is the RSI. Historically,
the BTC/USD pair has offered a strong tradeable bounce from the oversold levels
on the RSI. With any more fall, the RSI will enter deep into the oversold territory.
If history repeats itself, the virtual currency should get a strong bounce.
Any recovery will face a strong selling at the 20-day EMA and
the small trendline. We shall wait for the decline to end
before recommending long positions.
CHEERS
Hey @juliealexander,
Thanks for the quick analysis, keep up the good work. Hope we see another bullish run here soon.
If you are interested in the possibility of growing your audience check us out for a free trial.
Upvoted by the growing TIMM trail, resteemed and broadcasted on TIMM's social channels. You can now post these articles on TIMM, a new Steem based interface designed especially for traders, investors and analysts, soon to include tools to help you monetize your expertise. Check out our recent announcement and hop into our Discord server to learn.
Thank you @timm