BTC/USD will meet resistance

BTC/USD will meet resistance

2019-11-11 • Updated

Trade idea

SELL 8220; TP 7630; SL 8450

BTC/USD slipped at the beginning of June. During the recent days, it has found support in the $7,550 area and tried to recover. However, the cryptocurrency has violated the March-May trendline support. We expect that Bitcoin will meet resistance on the attempt to recover to $8,350 (May 16 high). The 50- and 100-period MAs on H4 are about to form a “dead cross” - this confirms the resistance. If our predictions turn out to be true, we’ll target the $7,600 area for selling.

BTCUSD h4.png

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