Short-term scalping opportunity. Medium-term short.

17 июл. 2018 г.

Bitcoin was bought back at 6,100 just as quickly as it was sold at 6,800 suggesting strong sideways bias within this 1D Rectangle pattern (RSI = 54.299), as the Channel Down broke. 1H should now aim towards the 6,350 Pivot (ADX = 41.635, STOCHRSI = 0) as the rejection at 6,771.0 (Engulfing bearish candle) can be considered the new Resistance rejection on the Rectangle. As long as the 6,820 - 6,897 Resistance zone is not crossed, then a short term scalping approach will be adopted, selling these levels with new shorts (TP = 6,200). For the previous two, the TP remains 5,617.40. Keep in mind that, as mentioned a while ago, the Monthly chart (RSI = 54.855, CCI = -10.6924, Highs/Lows = 0) suggests a "slow paced, low gradient decline over the summer period". So such consolidations will be a common factor on BTC during this slow downtrend and can be scalped for maximum profits in the meantime.