Hello friends! This is my daily Bitcoin update. I will update you at every price event, so make sure you get notified by following me. If you would like to see more trading ideas like this, please click the like button!
The price of Bitcoin (BTC) is currently sitting right below the resistance from 7500.00 to 7550.00, which is formed by our previous high from 29th December.
The expected death cross, which was explained in my previous idea (linked below) did not happen. Instead the price managed to hold the moment.
You can see that the MA 50 and the MA 100 are moving almost in line. This price level (around 7200.00) is mandatory for a bullish continuation.
This price level is also a potential buy-zone (green box), since the price is moving in the upper range of the RSI and will most likely drop in the upcoming hours.
We will have to see if the MA 50/ 100 & 200 act as a support. High selling pressure including much volume could crush the potential long position easily.
I personally do not trade this scenario, since this is more like a gamble at this stage. At least in my opinion. There are better times to take a position with much lower risk.
Cheers,
cryptobuller
The price of Bitcoin (BTC) is currently sitting right below the resistance from 7500.00 to 7550.00, which is formed by our previous high from 29th December.
The expected death cross, which was explained in my previous idea (linked below) did not happen. Instead the price managed to hold the moment.
You can see that the MA 50 and the MA 100 are moving almost in line. This price level (around 7200.00) is mandatory for a bullish continuation.
This price level is also a potential buy-zone (green box), since the price is moving in the upper range of the RSI and will most likely drop in the upcoming hours.
We will have to see if the MA 50/ 100 & 200 act as a support. High selling pressure including much volume could crush the potential long position easily.
I personally do not trade this scenario, since this is more like a gamble at this stage. At least in my opinion. There are better times to take a position with much lower risk.
Cheers,
cryptobuller
Comment:
The price is moving towards our potential buy-zone
Comment:
Update:
