BillCharison

$BITCOIN, Absorption and DOWN Priority.

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
$BTC has broken all support levels and absorbed the whole upward movement. Huge sell volumes. However, we also can't ignore the fact that the price bounced from the ascending support. In case the price will continue moving close to this support, more likely one will be broken downward.

We can also see a bullish convergence which increases chances of a local reversal. Currently, all sales below the $10500 level will be much safer than any buy in this range. I think that the price will return on its way up to $10500, possible reversal points are $10260 and $10060. However, $10600 is not a strong resistance so we need to closely follow price behaviour at the $10260 and $10500 levels.

If the price will break through the $10500 level and absorb the whole downward movement, we can start considering going LONG. Until it happen - SHORT is in priority. The zone of ±$10330 is very good for opening a SHORT position, if you place orders at the $10260 and $10500 levels, you would get $10330 as an average entry point.

Want to mention, that currently, we can see a bullish convergence which gives the market an opportunity of going higher, however it is not guaranteed because $BTC still trades below the $10060 resistance.
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