BTCUSD Resistance Level Identified at $10,072
May 28, 2020
Volatility Expected in BTCMXN
May 29, 2020
USDMXN CHART PRICE – USDMXN DAILY
Daily Relative Strength Index is currently at 34%, we can see that the market is still bearish for this particular pair, once it hits 30% it would be considered oversold and the markets could react to that, for now the down trend continues, in the last 13 trading days this pair has only gone up in 2 days
Price is currently trading slightly below the bottom part of the ichimoku cloud indicating that the bearish market could continue, while Bollinger Bands are getting wider, indicating volatility is coming.
Short and Long Term Moving averages are both above current trading price both following the downtrend. We found a support level at 22.17333, today that level was broken for during the trading day but we need a confirmation in order to consider it a breakout and confirm the downtrend continuity, if we get confirmation we can expect the price to fall to the 0.618 fibonacci retracement level as it will become the new support level 21.31571 however technical analysts recommend to set a Take Profit level short of that target at about 21.48723
This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.
