Based on the technical analysis I provided, for a short position in Bitcoin with an entry at 70,590. Below, I present an interpretation of the indicators I mentioned:
*Trend Indicators:*
- BB (Bollinger Bands):
- UPPER: 72,526 (resistance)
- MEDIAN: 67,824 (support)
- LOWER: 63,1116 (strong support)
- WMA 35: 67,012 (support)
- EMA 50: 65,177 (support)
- EMA 200: 63,304 (long-term support)
*Momentum Indicators:*
- RSI (Relative Strength Index): 60.7 (not overbought or oversold)
- MACD (Moving Average Convergence Divergence):
- MACD Line: 1960.45
- Signal: 1680.58
- Histogram: 282.79 (indicating an increase in the strength of the movement)
*Analysis:*
- The entry at 70,590 is above the support of the 35-period moving average (WMA 35) and the support of the middle Bollinger band (BB MEDIAN).
- The RSI does not indicate overbought or oversold conditions.
- The MACD shows an increase in the strength of the movement, but the divergence between the MACD line and the signal is not clear.
*Trading Strategy:*
- Consider setting a stop-loss above the resistance of the BB UPPER (72,526).
- Set a profit target at the support of the BB LOWER (63,1116) or at the long-term support of the EMA 200 (63,304).
- Monitor the RSI and MACD to adjust your strategy according to changes in market momentum.
Remember that technical analysis is not an exact science and there is always risk in trading. Make sure to manage your risks appropriately.