BTCUSDT - In Bearish Move
BTCUSDT - In Bearish Move
Bitcoin / TetherUS BINANCE:BTCUSDT
MuhammadArif039
Hi Followers. Today I am trying a new strategy (new for me, using it for the 1st time). The analysis is done on an hourly chart. No divergence is observed but the RSI is in over bought zone. I have used SMAs with value 10, 20 and 50 respectively. All the three SMAs are still in the supporting zone (means below the trend). Why I have given a short call? because the RSI is in over bought zone and it will normalise till it reached the yellow support line (SMA10) and that is where I have placed my TP. Once the trend touches or crosses the yellow SMA, it will dip further down till it gets a support from Blue SMA (SMA20). Again at the point there might be two situations, it further dips towards the RED SMA (SMA50) or pull back. Throughout the trade I will be keeping a close eye on the RSI, trend and SMA behaviours.
The Signal is:
EP: CMP (64084.738 for me)
SL: 65043.740
TP: 63105.260
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