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Bitcoin technical analysis | Forexlive

Here is my bitcoin technical analysis and price forecast with a 4-to-1 reward-vs-ratio trade idea. That is quite aspiring so partial profit taking can be executed along the way, at your discretion. The stop loss is at $21575. The take profit target is at $10657.

I hope the crypto gang doesn’t kill me for this trade idea. But I gotta call them as I see them, mates. Some HODL ‘ers may want to wait with scaling up further buy positions, for possible lower prices for BTC. Others may want to consider hedging their cryptocurrency portfolios. Just an idea. Do your own research and trade bitcoin at your own risk.

As the following BTCUSD weekly price chart shows, bitcoin is continuing to show bearish signs. Marked as ‘1’ below, it has crossed down the bear flag (red channel), and tried to rebound off of the long term green support line, but failed again. That was a good place for a rebound should one would be in place. It is now also below the important $20k round number, below the December 2017 high, and very close to this year’s low, thus increasing the chance of retesting that low, in the near future.

BTCUSD weekly price chart showing bearish signs

To complement the bitcoin analysis, please view the detailed video below that also includes the trade idea.

Please do your own research and feel free to see a variety of other opinions within the ForexLive technical analysis section.

Read More: Bitcoin technical analysis | Forexlive

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