Ahoy traders!
Another day started bullish as Bitcoin broke through of the previous swing level ($7.749) and briefly visited above of $8.000 level.
The price hovers close to the psychological resistance of $8.000 and to continue it's journey further upwards it's necessary that the daily candlestick closes above of this level.
When the price starts another rally upwards it wouldn't be extraordinary to see it reaching the wave 3 target (2.618 fib extension) which is near to
The next critical resistance is formed by 2.618 and MA200 levels. In the longer term perspective the price needs to break above of MA200 which has acted as resistance in the past. MA200 is also attractive for rejection.
However..
If you are considering trading at these levels then it's good to keep in mind the following things:
-> The price is still hovering close to the psychological resistance
-> RSI has climbed super high in to overbought zone
-> The 12h and 4h timeframes are forming slowly a bearish divergence.
These are making trading more riskier at these levels.
Question arises: What if the price gets rejected from the psychological resistance?
This is the time when it's good to be patient and find the another trading opportunity on possible reversal areas.
The first potential reversal level is at $7157 level where you can find MA100 level and fib 1.618 fib close by. MA100 has offered really good support in the past (pre bull market) and should be tested. The second attractive reversal level is $7.160.
Different strategies can be utilized at these levels.
-> You can buy the breakout or retest of the breakout (with confirmed signals)
-> Find optimal reversal areas to enter (with confirmed rejection signals)
Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP!
If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Feel free to DM me in here or in my Twitter!
Things to Remember:
DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.
Yarr
Another day started bullish as Bitcoin broke through of the previous swing level ($7.749) and briefly visited above of $8.000 level.
The price hovers close to the psychological resistance of $8.000 and to continue it's journey further upwards it's necessary that the daily candlestick closes above of this level.
When the price starts another rally upwards it wouldn't be extraordinary to see it reaching the wave 3 target (2.618 fib extension) which is near to
The next critical resistance is formed by 2.618 and MA200 levels. In the longer term perspective the price needs to break above of MA200 which has acted as resistance in the past. MA200 is also attractive for rejection.
However..
If you are considering trading at these levels then it's good to keep in mind the following things:
-> The price is still hovering close to the psychological resistance
-> RSI has climbed super high in to overbought zone
-> The 12h and 4h timeframes are forming slowly a bearish divergence.
These are making trading more riskier at these levels.
Question arises: What if the price gets rejected from the psychological resistance?
This is the time when it's good to be patient and find the another trading opportunity on possible reversal areas.
The first potential reversal level is at $7157 level where you can find MA100 level and fib 1.618 fib close by. MA100 has offered really good support in the past (pre bull market) and should be tested. The second attractive reversal level is $7.160.
Different strategies can be utilized at these levels.
-> You can buy the breakout or retest of the breakout (with confirmed signals)
-> Find optimal reversal areas to enter (with confirmed rejection signals)
Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP!
If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Feel free to DM me in here or in my Twitter!
Things to Remember:
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.
Yarr
