In one of my last posts, I described how double top occurred and then we saw the consequences of that double top as was predicted that the coin is highly likely to have a bit of trend reversal or correction. The same happened and now it seems that Bitcoin may have taken a good support from its first support level as was drawn in my previous technical analysis as well. Let look at the current BTC/BUSD chart.
Chart Source: Binance mobile app
As shown above, it has taken good support from $57k mark and a good green candle with a rejection tail observed meaning it may bounce a little back before continuing its trend line. Short term traders can go long with a stop loss of $56.5k and eying on the target of resistance price point $61k for small profits. Lets have a closer look at the chart with the other two good indicators i.e., MACD and RSI.
Chart Source: Binance mobile app
MACD indicator is still showing downtrend with a good selling pressure as shown by the red histogram candles as well. Yellow line has crossed zero point, whereas, pink line is following. Trend continuation is predicted by the indicator after a little bit of correction. Same is the case with RSI indicator.
Legal Disclaimer: I am not a financial advisor and never give advise to take any trade. The purpose of the analysis is for information only and you have to do your own working before taking any trade. I will not be responsible under any circumstances for any kind of loss.
Best of luck!
