Bitcoin looks good on the daily chart, as you can see there is a support level of around $40k, and it has maintained that level for some time now. Next is that it's on the lower boll band and looks good to swing and the RSI is pretty low. Even though I highlighted an area of an long position, I wouldn't enter there! Here's why: $BTC is currently trading under the 200 EMA, and if Bitcoin were to come near an intersection of the 200 EMA, it will be near the resistance level of $51k. If Bitcoin breaks that level and crosses the 200 EMA, that's where I'll buy because I am given confirmation from the cross above the 200 EMA, and the cross of the 200 EMA happens to be near a resistance level. Now if Bitcoin crosses the 200 EMA but can't break $51k then I'll wait, because that level needs to be broken, in order to give confirmation that buyers have taken over that level.
Leave any suggestions below, thank you!
Leave any suggestions below, thank you!