BTCUSD: Short term trading plan.

Bitcoin has completed a full month of trading inside a 1D Channel Down. Despite the negative trend (MACD = -44.200, B/BP = -111.1780), it does show signs of stability on the nearly neutral RSI = 43.832 and Highs/Lows = 0.0000 although it is closer to a Lower Low than a Lower High. Purely from a technical standpoint, the short term trend remains bearish currently supported at 3,400 but also restricted below 3,800 by the inner upper trend line (red dashed line). That is why we expect a bounce at 3,450 followed by a High at 3,750. The greater Channel still "owes" a solid Lower High around 3,900 - 3,950 but the inner upper trend line (red dashed line) has to break first.




** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **

Comments and likes are greatly appreciated.