#BTC - Break from Trend line and Ascending triangle pattern

13 Jun 2020

BYBIT:BTCUSD

• Bitcoin has broken down from the trend line and ascending triangle pattern (it has been forming since it started it's up-move after the crash) which is a bearish sign
  
• First level of support would be 9000 followed by the 8500 region which is a confluence zone (200 MA + S/R zone)
  
• Since the past sometime, we have seen a positive correlation between the Global markets and Bitcoin. Thus, if global markets move down again we can see bitcoin also heading down
  
• On the contrary this may be shake out crash and in that case we can see BTC rise again so keep that in mind and have a proper stop loss if you are shorting BTC
  
• The 10K level on the upside has been tested several times and If we retest and break it with volume, then that would be a bullish sign and we can see higher levels in BTC
  

Beware of fake-out candles and Trade Safe!



Daily RSI
BTC- 50 ( Neutral Zone )


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