Lets keep it simple, basic lines of resistance and support
Here I am just looking at simple lines of resistance and support. I sell at resistance and buy at support. It has worked for me very well and the couple of posts I have posted here shows that too. No need for some complicated chart pattern that needs tedious amount of work. Now that we have bounced off around support line on the daily, whats next?
Today there was a good news from SEC, Bitcoin and ether are not going to be considered securities ( Although it was already made clear by SEC in the past that bitcoin was not going to be considered Security). After the news came out, it boosted all the cryptos. So we are in technically and fundamentally positive for at least short term.
What I am doing here is buying from 6500-6600 range and am targeting 7000 -7.1k. I will probably take some profit along the way because we are still in a bear market and are not seeing huge buying volume.
Today there was a good news from SEC, Bitcoin and ether are not going to be considered securities ( Although it was already made clear by SEC in the past that bitcoin was not going to be considered Security). After the news came out, it boosted all the cryptos. So we are in technically and fundamentally positive for at least short term.
What I am doing here is buying from 6500-6600 range and am targeting 7000 -7.1k. I will probably take some profit along the way because we are still in a bear market and are not seeing huge buying volume.
Comment:
My stop loss is around 6400.