Just as we expected the minor dump to test the near support level at $4991. check previous analysis here:
Price bounced at this support level and would likely test a high of $5150 up to $5218, holding price ranging between these levels. This major bottom line of these price levels is that the resistance and support levels would hold for some time and will breakout out in one direction. At one particular point in time one side will be weak and won't be able to hold. The strength of support or resistance increases each time that area is hit. *the older the weaker*.
If the price fails to break the major resistance at $5300, there is high probability that it will reach or test the KIJUN at $4700.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
If the price fails to break the major resistance at $5300, there is high probability that it will reach or test the KIJUN at $4700.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.