After an extended period of low volatility, Bitcoin (BTC-eUSD), much to the chagrin of range traders, has started making large swings on both sides. In recent trading sessions, the digital currency has swung from a low of $570 to a high of $596 and is currently stabilizing at $590. As the RSI (Relative Strength Index) indicator has depicted, BTC/USD was grossly oversold near $570 with an RSI reading of 25 and looked suitable for a technical pullback. Since the breakdown, BTC/USD has been in a perfect lower-top lower-bottom structure and only a close above $600 will break this downtrend.
Traders can use “dead-cat bounces”such as the recent one to go short in this counter. Any rise toward $600 should be used to build short positions for a target of $580 by keeping a closing basis stop-loss just above $600. While $610 has now become a major resistance level for the pair, strong support lies a little deep in the $540-550 zone. It is advised that unnecessary momentum chasing be avoided since the risk/reward is unfavorable and Bitcoin, being a very volatile script, can cause huge unnecessary losses.
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