BTC/USD today

Crypto Technicals: BTC/USD recovery falters at 110H EMA, bias bearish

BTC/USD chart – Trading View 

Exchange – Coinbase

Support: 6600 (May 17 low); Resistance: 7222 (110H EMA)

Technical Analysis: Bias Bearish

BTC/USD was trading 1.45% lower at 7059 at 06:10 GMT, after closing 0.50% lower in the previous session.

The pairs recovery attempts have faltered at 110H EMA (currently at 7219).

Price action has failed to close above 110H EMA and major trend still remains bearish.

The pair has formed a Doji at highs suggesting hesitation among traders to support prices higher.

Stochs, RSI and 5-DMA are still biased lower and MACD and ADX support further weakness in the pair.

Downside resumption will see test of channel base support at 6240. Break below will open downside.

On the flipside, break above 200H SMA at 7474 will see scope for further upside. Gains till 21-EMA at 7921 then likely.

The review

I want to thank you for the information received in the training course. A few things helped me a lot.

First, a short stop-loss. Before, I only occasionally entered with a short stop-loss when there was not much volatility in the market. But now I will always use a short stop-loss. On the pound in the selection process, I could not show the result, experimented with different periods. First I tried on the M5, then I switched to M15 and to H1. Now I understand that my working period is H1, when I analyzed all my transactions. In general, I also began to apply a short stop-loss in trading with oil on one of my trading accounts and the result was very pleasing to me. Now a request for you, for a second chance in the selection – let’s change the trading instrument instead of the pound-dollar for oil.

Secondly, from the course I really liked making screenshots of graphs for the last half year, week, last two days (closing, opening of the day). Very useful for trading.

And thirdly, I am now learning to trade on not on logic, as I did before. In general, thank you again!

I am waiting for a second attempt.