Bitcoin Price Technical Outlook: Waiting for Breakout Confirmation at 9168.23
May 27, 2020
Breakout Expected for USDMXN
May 29, 2020
BITCOIN PRICE CHART – BTCUSD DAILY
As we anticipated previously, the resistance outbreak was confirmed after breaking $9168.23 and BTCUSD reached $9,451 now that this resistance level has been broken we can anticipate that the price would continues its uptrend to $10,072 where we can find our next resistance level however its often suggested to set a Take Profit levels at an 80% of the difference between the Support and Resistance levels as many traders will use this new resistance level to establish their TP, our target is $9775, just a little short from that 80% as we anticipate many traders setting higher TP and this can be a determining factor for those who want to close positions.
Relative Strength Index looks solid, it’s been increasing in the last 3 days, currently at 57% this can be interpreted as a solid signal that the market will continue to go long on BTCUSD
1 hr Bollinger Bands are getting a bit wide, so we might have big moves in the short term.
We are still seeing that the price line is way above the Ichimoku Clouds which is also moving up, suggesting a bullish market for the cryptocurrency.
This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.
