This is my personal analysis on the daily timeframe for the long term movement for BTC.
BITCOIN analysis using TA and RSI
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Price is showing high selling potential on the D1 timeframe with:
1. Trendline break signaling a trend reversal
2. Hitting a strong resistance zone with a huge bearish rejection candle
3. Divergence on the RSI indicator signaling a trend reversal
BITCOIN analysis using the 20 and 50MA indicators
1. Price is in ranging zone hitting the range resistance with a huge bearish rejection candle, now heading for the Range support
2. Price closes below the 20MA (white line) and tested it twice
Conclusion:
I will be going for sell for BTCUSD at market price
TP1: 8564
TP2: 8500
NOTE: This is only a technical analysis and can be affected by a high impact news, No analysis is 100%. Make sure to analyze using your personal indicators. Thank You.