Hello guys,
it's my first analysis.
I decided to start to analyze BTC because I read every day attempt to describe not only what is happening on the market
but also imaginative description of what can happen to BTC... A little too imaginative.
I'm a stock trader since 2006 and in my career I learned to analyze just what is happening, without imagine what could be: I have to understand chart on factual basis and act following the suggestion the graph itself gives me. I can surely make mistakes, but with a clear strategy I stay away from the ruin risk.
Ok, let's we start to analyze Bitcoin.
At this very moment BTC is inside an indecision zone because between 8600 and 10k area we don't have any signal. Very important is the break of 200 MA and 10k resistance level where takes a long signal. If this would happen, the first target is the other important resistance we found over the 200 MA that we find at about 11800.
If instead the BTC would goes below 8600 area we have a sell signal that can push to 8450 as first step but more probably to 7850/7800 area.
From the indicators we can find in the chart we don't have a decisive help: we can only see there is a little bit weakness in BTC movement as reduction of volume suggest, but till it remains above 8600 area we don't have a sell signal.
To sum up: we have to wait for the break of 10k to buy with a stop loss that at the moment we can't evaluate, even if probably would be 9k area, or prices below 8600 sugesting us a sell signal with a stop loss over 9200 and a take profit in 7850/7650 area.
See you to the next analysis, have a great day!
***This analysis it is not a buy or sell advice, it is drawn up for educational purpose only***
it's my first analysis.
I decided to start to analyze BTC because I read every day attempt to describe not only what is happening on the market
but also imaginative description of what can happen to BTC... A little too imaginative.
I'm a stock trader since 2006 and in my career I learned to analyze just what is happening, without imagine what could be: I have to understand chart on factual basis and act following the suggestion the graph itself gives me. I can surely make mistakes, but with a clear strategy I stay away from the ruin risk.
Ok, let's we start to analyze Bitcoin.
At this very moment BTC is inside an indecision zone because between 8600 and 10k area we don't have any signal. Very important is the break of 200 MA and 10k resistance level where takes a long signal. If this would happen, the first target is the other important resistance we found over the 200 MA that we find at about 11800.
If instead the BTC would goes below 8600 area we have a sell signal that can push to 8450 as first step but more probably to 7850/7800 area.
From the indicators we can find in the chart we don't have a decisive help: we can only see there is a little bit weakness in BTC movement as reduction of volume suggest, but till it remains above 8600 area we don't have a sell signal.
To sum up: we have to wait for the break of 10k to buy with a stop loss that at the moment we can't evaluate, even if probably would be 9k area, or prices below 8600 sugesting us a sell signal with a stop loss over 9200 and a take profit in 7850/7650 area.
See you to the next analysis, have a great day!
***This analysis it is not a buy or sell advice, it is drawn up for educational purpose only***