Bitcoin expect to technical rebound
Technical Report for short term Bitcoin (BTC)
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For short term Bitcoin, the general outlook is Bearish. This is because the current price is $3,890 that below 50-days Exponential Moving Averages (EMA). In addition, stochactic shows overbought hence support its bearishness.
However, notice that there is a formation of potential bottom Head & Shoulder (HnS) that likelihood to technical rebound. If the price penetrates HnS neckline, aggresive traders can enter in buy position with technical price target is $5,268; conluence with Fibonacchi retracement 61.8%.
If failed, traders are adviced to stay away as the price continue to decline and next support are $3,714, $3,284 and $2,545(Failed HnS technical target).
Bukhari Razali
Technical Analyst
+6019-523 0131
#TecnicalReportCMB
Disclaimer: Investments involve risks, including possible loss of principle and other losses. The author has positions in some of these instruments.The author shall not be responsible for any losses or lost profits resulting from investment decisions based on the use of the information contained herein.If investment and other professional advice are required, the services of a licensed professional person should be sought.
~~
For short term Bitcoin, the general outlook is Bearish. This is because the current price is $3,890 that below 50-days Exponential Moving Averages (EMA). In addition, stochactic shows overbought hence support its bearishness.
However, notice that there is a formation of potential bottom Head & Shoulder (HnS) that likelihood to technical rebound. If the price penetrates HnS neckline, aggresive traders can enter in buy position with technical price target is $5,268; conluence with Fibonacchi retracement 61.8%.
If failed, traders are adviced to stay away as the price continue to decline and next support are $3,714, $3,284 and $2,545(Failed HnS technical target).
Bukhari Razali
Technical Analyst
+6019-523 0131
#TecnicalReportCMB
Disclaimer: Investments involve risks, including possible loss of principle and other losses. The author has positions in some of these instruments.The author shall not be responsible for any losses or lost profits resulting from investment decisions based on the use of the information contained herein.If investment and other professional advice are required, the services of a licensed professional person should be sought.
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