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Camar13
Sep 28, 2020 8:58 AM

BTC/EUR - waiting for direction confirmation 

Bitcoin / EuroBinance

Description

BTC/EUR - has reached resistance zone (9390 price). As we can see this level was broken on 28th July.
And price managed to reach 10500 price. After it went back below 9390 zone, it did not manage to break it again until now.

Best scenario at the moment would be to wait and look what will happen:

If price will break the level and go up - then you can enter long position (stop loss should be below 9390 level, target - around previous high at 10500).

If the price will not manage to break this level, most likely it will try to test support level at 8040 zone. This level is quie strong, because it stands from 30 April.


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Comments
WolfOfMine
Hey, what about 8650 support?
Camar13
@alegamba9, thanks for your comment. Yes, there is a chance that if price will go down - 8650 zone support will hold it. But this support does not look so strong like 8040 zone. And for this reason, at 8650 level it is bigger chance for fake breakout. In such case your stop loss would be trigerred, but price would get back to going up fast. So this is why I would place stop loss below 8040 zone.
WolfOfMine
@Camar13, seems a smart play! thanks
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