As always closing longs or hedging them approaching major resistance is a good idea. This situation clearly shows how important is to work on higher timeframes before moving to lower ones.
Still waiting for todays and also weekly candle close on BTCUSD but as of now looking at volume and how price action rejected the weekly 200 ema may be telling that bear market in crypto is not over yet. As always it is good to trade without bias and even so - sticking to your risk management rules.
Price was also rejected by 12H 200 ema and approached good support made by converging 200 sma , 100 and 55 ema. Follow through on next daily candle and opening below current level will be a good trigger to boost some movement to 3180 - 3350 area which was set as local low and is around weekly 200 sma. Breaking this point will probably cause cascade effect leading to next big support - 2600 area.
As 200 weekly sma is good support we expect at least some hesitation there.
DYOR and trade safe! Don't let fomo and too much bias get in your head ;)
Still waiting for todays and also weekly candle close on BTCUSD but as of now looking at volume and how price action rejected the weekly 200 ema may be telling that bear market in crypto is not over yet. As always it is good to trade without bias and even so - sticking to your risk management rules.
Price was also rejected by 12H 200 ema and approached good support made by converging 200 sma , 100 and 55 ema. Follow through on next daily candle and opening below current level will be a good trigger to boost some movement to 3180 - 3350 area which was set as local low and is around weekly 200 sma. Breaking this point will probably cause cascade effect leading to next big support - 2600 area.
As 200 weekly sma is good support we expect at least some hesitation there.
DYOR and trade safe! Don't let fomo and too much bias get in your head ;)
