BTCUSD - Daily Chart

7 мая 2020 г.

View on BTCUSD Daily Chart (07-05-2020)

Firstly, we can see a descending channel ( Daily Chart ) since 26-06-2019.

And then we can see there a strong resistance zone.

Now, the current price tests the resistance zone and the downtrend line to break out.

If today's candle close price is above the resistance zone, the price may continue to rise the next day.

If today's candle close price is below the resistance zone,
the price may be bearish.

So to turn bearish, we need a bearish reversal candle.

If the bearish reversal candle occurred, we can enter a short position in the market.

Legal Risk Disclosure:
Trading foreign exchange or CFD on margin carries a high level of risk, and may not be suitable for all investors.
The high degree of leverage can work against you as well as for you.
Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor.

DISCLAIMER:
Any opinions, news, research, analyses, prices or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice.
I don't accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.