Disclaimer: I am not a registered Financial Advisor. This is not a solicitation to buy or sell. This is purely an academic exercise and any action taken by any one on the basis of this post is not my responsibility.
In this Technical Analysis Daily, I will present the daily Technical view of top 5 cryptocurrencies by market Cap
Today, I present the Technical Analysis view of Bitcoin:
Bitcoin
As seen by the trendline resistance, Bitcoin faces resistance by the upward sloping trendline. We have witnessed selling at that level as seen by a bearish candle formation, known as a ‘Bearish Engulfing Pattern’. This pattern is a bearish signal and we are likely to see further selling ensue if this days low is broken tomorrow.
Strategy: Sell Bitcoin as a day trading strategy for a target of 7500 and a weekly target of 6500