TraderMetatronFx

Bitcoin - A move to 7400 on the cards

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Resistance at 10k has been too much to ask for Bitcoin .
Comment:
From the Daily chart, why I think 7500 or so is a magnet. Demand zone just below those lows. Liquidity.
Comment: Something to keep in mind on BTC on the weekly chart. Looking at this channel, last weeks candle close above resistance. So, was it a bull trap , or will we find support on the weekly close. A close above would have me reconsider my position

Comments

Agree, if 7400 doesn't hold 6600 my next support.
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7400 would be below the 20, 50 & 200 MA's YTD.
Not saying it isn't plausible, but think we would need a 2nd round of COVID or other bad news to get below 8k again anytime soon...
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TraderMetatronFx thekingofmars
@thekingofmars, it would be a deep pullback no doubt, clear buying interest at 8k, so lets see PA develop over the next few days. Thanks for your input.
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thekingofmars TraderMetatronFx
@TraderMetatronFx, Absolutely! Thanks for posting. As much as I'm long BTC bull, I'm always ok with picking up more for cheap ;)
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Thank you!! placed my order at 7700.
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