Jellep99

$BTCUSD Important levels for maintaining bullish momentum

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Before we get into this idea, please note that performance is not guaranteed. I recommend doing your own research before entering any trade. Your upvotes & comments are appreciated.

Since the strong decline between the 8th and the 12th of March, COINBASE:BTCUSD has been recovering in a healthy fashion. Drops like the one last week look bad temporarily​ but are swiftly erased by new gains. For COINBASE:BTCUSD to maintain this momentum, there are a few key levels that need to be broken.

Before the drop in March, COINBASE:BTCUSD was able to break through the psychological $10,000 barrier, but failed to break through the $10,400 range. This failure was followed by a battle for the $10,000 level which the bears eventually won, driving price down to the lowest key resistance range, between $8,500 and $8,300. See image below for more.

After failing to find support at those levels, the March drop took place, taking us to the start of the upwards trend COINBASE:BTCUSD is currently in.

On the way back up, the $8800 level that previously acted as weak support turned into​ resistance and was broken rather easily. Since then we've seen price action re-attempt the $10,000 level. After failing, price retraced back to the support area between $8,500 & $8,300 before starting this new climb to the $10,000 range.

Zooming out on the weekly timeframe , weekly support & resistance is around 9500, and has been respected on the daily as well.

SUMMARY:
Daily resistances $10,000 & $10,400 need to be broken for further gains. Failure to do so would result in retrace to the $8,800 - $8,300 support area , potentially further.
Recommend longing when price breaks and successfully​ retests $10,400.

Once again, please do your own research. Best of luck.

- Jelle

Comments

I broke down btcusd as well, my view
+1 Reply
Jellep99 transparent-fx
@transparent-fx Thanks, will check it out later!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out