BTCUSD [Daily Overview] – 7 November 2019

BTCUSD [Daily Overview] – 7 November 2019

WKu1Fq - BTCUSD [Daily Overview] - 7 November 2019
Quick overview, today’s candle closed below yesterday’s Doji low and all daily closes were unable to close above 9433 as seen in the chart. With today’s close below and outside of the bear flag , the price starts to reflect slight bearishness. RSI is on the tipping point to find support or break below and head towards the second lower RSI support line. MACD also does not look very bullish as histogram shows a decline in support and it’s getting closer to a bearish cross.

If the price does keep falling down then we should see 8950 which is the daily Doji low of interest. Below that we have several price targets including Fibonacci levels 50% at 8774 USD, 38.2% at 8403 USD and measured targets of 8645 USD and 8325 USD.

A tight stop loss would be at 9433 USD and attempting to ride the BO down to sub 87xx USD. Long/short ratio is still heavy on the longs and the main reason why there could be shake-out to lower levels.

In all circumstances its always recommended to manage your risk accordingly and use stop losses as sudden news can always have unexpected results.

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If you like this daily write-up or have a different idea, please feel free to share it down in the comments! I’m more than happy to read all the ideas from you and get a comprehensive view of what everyone thinks.

Thank you for reading,
Good luck trading
-TheTrex

Published at Thu, 07 Nov 2019 13:51:20 +0000

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