BTCMXN Trades Close to Support Level 205,466

BTCMXN CHART PRICE – BTCMXN DAILY

We see that Bitcoin is getting closer to its support after a previous trading session where it lost almost 5,000 MXN it is making a slight recovery currently trading at 207,800. We see that the RSI level has remained unchanged from yesterday which is 47%, this is a key Indicator fro me as it normally tells me the expected direction or trend change that we could expect, since the price is trading under the Ichimoku cloud and we saw the price come short of the support level only 1,000 MXN we could expect the price to drop to its support or start making a recovery, if I see the RSI level dropping a few points in the next hours I would place a short trade, on the other hand, if this level starts rising then I would place a Long trade on BTCMXN. We see that the moving averages indicate a downtrend as well, they crossed 10 days ago and since then the price has been trading lower, Bollinger bands are wide enough to expect volatility and they do not indicate a change in trend, keep an eye on the RSI level to make a trading decision.

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.