Bitcoin (BTCUSD) is on the third straight red 1D candle following Monday's rejection (and closing below) on the 1D MA50 (blue trend-line), the short-term Resistance MA. This maintains the medium-term Channel Down but at the same time the long-term Channel Up since the start of the year remains unbroken.
The 1D MA100 (green trend-line) is the first line of Support and if it holds, we will go long only when the price closes above both the 1D MA50 and Resistance 1 (28500). The target is, as stated on previous analyses, the 1W MA100 (red trend-line) at 32500. Note that the fact that the 1D MACD made a Bullish Cross on Saturday, empowers this probability.
On the other hand, a 1D candle close below the long-term Channel Up, makes the short-term Channel Down prevails and should extend selling towards the 1D MA200 (orange trend-line), which has been untouched since March 10. In that case, our target will be Support 2 (24000). The risk is low with this break-out strategy on the current levels, so plan your trades accordingly.
Which break-out do you think will prevail? Feel free to let us know in the comments section below!
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The 1D MA100 (green trend-line) is the first line of Support and if it holds, we will go long only when the price closes above both the 1D MA50 and Resistance 1 (28500). The target is, as stated on previous analyses, the 1W MA100 (red trend-line) at 32500. Note that the fact that the 1D MACD made a Bullish Cross on Saturday, empowers this probability.
On the other hand, a 1D candle close below the long-term Channel Up, makes the short-term Channel Down prevails and should extend selling towards the 1D MA200 (orange trend-line), which has been untouched since March 10. In that case, our target will be Support 2 (24000). The risk is low with this break-out strategy on the current levels, so plan your trades accordingly.
Which break-out do you think will prevail? Feel free to let us know in the comments section below!
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** Please LIKE ๐, FOLLOW โ , SHARE ๐ and COMMENT โ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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๐ฐFree Channel t.me/tradingshotglobal
๐คตContact info@tradingshot.com t.me/tradingshot
๐ฅNew service: next X100 crypto GEMS!