Yesterday, at 10 o'clock in the evening, BTC broke out the H1 convergence triangle with volume, found support zone in the 9709 region, tried to return to the H1 symmetrical triangle , but failed, continued to bumping to the lower edge of the daily symmetrical triangle, at 9620 trend line support.
H1 Fibonacci's support pressure level:
Upper pressure 9948, 10142, 10335, 10611
Bottom support 9707, 9620
Trading recommendation
In the lower support level 9707, 9620 enter with long position to the upper trend line of symmetrical triangle.
The volume of Bakkt is low today. The overall trend of BTC is still in consolidation. Although Bakkt is online, there's not volume coming in BTC market. Today can pay close attention to the Libra hearing tonight.
The weekly MA20 has been seen as an indicator to separate the bulls and bears. Now, the MA20 has changed from support to pressure, and the BTC continues to try to break upward this MA20 pressure. If the weekly line can be successfully closed above the MA20, the overall market will still seen as a bullish sign. .
The overall trend is still bullish, if we break down 9707 this important Fibonacci level 0.236, the trend will be reversed.
My recommendation for today's trade is to do a low leverage long position near the support zone I have been mentioned before.
H1 Fibonacci's support pressure level:
Upper pressure 9948, 10142, 10335, 10611
Bottom support 9707, 9620
Trading recommendation
In the lower support level 9707, 9620 enter with long position to the upper trend line of symmetrical triangle.
The volume of Bakkt is low today. The overall trend of BTC is still in consolidation. Although Bakkt is online, there's not volume coming in BTC market. Today can pay close attention to the Libra hearing tonight.
The weekly MA20 has been seen as an indicator to separate the bulls and bears. Now, the MA20 has changed from support to pressure, and the BTC continues to try to break upward this MA20 pressure. If the weekly line can be successfully closed above the MA20, the overall market will still seen as a bullish sign. .
The overall trend is still bullish, if we break down 9707 this important Fibonacci level 0.236, the trend will be reversed.
My recommendation for today's trade is to do a low leverage long position near the support zone I have been mentioned before.