Bitcoin is dumping fast but I am seeing a Bullish Divergence for Scalp Trade

in bitcoin •  7 years ago 

CryptoKraze Technical Analysis

Hey folks, @cryptokraze here and I am going to cover technical analysis of $Bitcoin for Short trade. I am using tradingview charts and price linked to Bittrex exchange. Let's have a look on technical aspects of $Bitcoin.

Possibility on 15 Minutes Chart

btc divergence.png

If you look at the 15 minutes chart, you will see that a bullish divergence has formed because price has made lower lows and RSI is making lower high, which mean blue lines are going opposite direction. RSI has gone below 30 level and now moving nicely above 30 level, so I am expecting it to go even higher. Price has touched the lower bollinger bands and now it will move up nicely. I have taken this trade as a scalp to make some quick profit.

  • I have a buy entry at $7800 with my profit target around $8100 or above.
  • Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.

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Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose. Bitcoin unexpected move will make this analysis void.

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7 years ago by

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      ·  7 years ago 

    wow !! excellent information friend ... what good to know Bittrex ah done that fluctuation in the value of bitcoin ... so investors have an idea about this

    thank you very much for the contribution ... and the knowledge obtained

    regards

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        ·  7 years ago 

      I greatly hope you’re right as the overall markets could use some recovery after all the recent blood shed. I think it’s also probable seeing as tho this is a pretty significant low comparatively to the previous monthly lows and each time a low is reached it is followed by a significant bull run! 🙏

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          ·  7 years ago 

        Nice tips, thanks

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            ·  7 years ago 

          We got the China ban, mt gox selling off 400,000 bitcoins and a few other things which are conspiring to lower the crypto prices.

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