Buyers Beware.. Sellers Do you Dare?

While BTC has broken the major downard trend-line and does seem to be making its upwards ascent, it's also important to take note of what we have seen in terms of technical levels. From a swing low to swing high, we see BTC makes a deep retacement of 78.6, rebounding off of that level in conjunction with the 200 Daily SMA in a textbook fashion. However, it is important to note that while we have broken this trend-line, we are still at a 38.2 (shallow) retracement from the swing low to previous swing high of this downward descent. All things considered, to be looking for an additional buy I am looking for a strong close above this 38.2 and a break above the previous high we had on February 20th.

I hope this gives a little insight in the simplest manner.

Good luck & Happy Trading!

Comment:

As you can see, price respected the 38.2 in a textbook fashion, pushing down back into the bearish channel that we saw price break on the first of March.
Look closely and you can find a double top on the daily bouncing off of that 38.2.

What I'll be looking for now is a close and break below the neckline around 9530.

More updates as BTC continues its journey.

As always,

Happy Trading!

Comment: