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The price of Bitcoin (BTC) had a bullish start today. The price bounced from a short-term support zone (6850.00) and is currently moving towards our strong resistance-zone at 7300.00, which is also our entry-zone for a short position.
The overall trend is still bearish, since we did not receive a proper reversal pattern yet. We do also have a bearish outlook on daily and weekly time-frame:
Therefore, we try to spot the best entry on the 4 hour time-frame.
We can see a death cross forming on the 4 hour chart appearing with the MA 50 (short-term) and the MA100 (mid/long-term). The price is also trending below the MA200 (long-term). A death cross is usually followed by a lot of volume. Please keep in mind that most of the bots trade along moving averages and crosses.
The next two candles might confirm this scenario.
Cheers,
cryptobuller
The price of Bitcoin (BTC) had a bullish start today. The price bounced from a short-term support zone (6850.00) and is currently moving towards our strong resistance-zone at 7300.00, which is also our entry-zone for a short position.
The overall trend is still bearish, since we did not receive a proper reversal pattern yet. We do also have a bearish outlook on daily and weekly time-frame:
Therefore, we try to spot the best entry on the 4 hour time-frame.
We can see a death cross forming on the 4 hour chart appearing with the MA 50 (short-term) and the MA100 (mid/long-term). The price is also trending below the MA200 (long-term). A death cross is usually followed by a lot of volume. Please keep in mind that most of the bots trade along moving averages and crosses.
The next two candles might confirm this scenario.
Cheers,
cryptobuller
Trade active:
Short: 7300.00
Comment:
Looks like we might see another leg up - let's see if the price manages to get past our resistance zone
