There is a very interesting trading opportunity in Bitcoin right now. This was not something I would have necessarily said yesterday, until I saw the last 2 12 hour candles, clearly showing indecision at the resistance zone, whilst finding a brand new support on the 20 moving average which confirms that the short term up trend is UP, whether you like or not, it's a technical fact UNTIL the 20 moving average is broken as a support. Until then, its up short term. If price negates 6360 level, in the form of a 12 hourly candle closing below it, then this is a possible opportunity to SELL. If price continues in this fashion without downside, then we should wait for a break above 6590 where there appears to be a strong possibility that price will get some upside.
For the upside, however, there is far more obstacles than the sell signal outlined. To begin with, the horizontal resistance zone is effecting price severely as is. As well as these, there is the 50 and 200 major moving average which are keeping price to the downside also. Price would have to break ALL of these for a bullish move, however by doing so, the buy opportunity will be a breakout move and will be a very high probability success trade!
Conclusion: Above 6590 look for a buy, below 6360, sell. Easy.
Where do YOU think price is heading? Leave a chart in the comment section and let us all share our thoughts!
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Thank you for your support.
For the upside, however, there is far more obstacles than the sell signal outlined. To begin with, the horizontal resistance zone is effecting price severely as is. As well as these, there is the 50 and 200 major moving average which are keeping price to the downside also. Price would have to break ALL of these for a bullish move, however by doing so, the buy opportunity will be a breakout move and will be a very high probability success trade!
Conclusion: Above 6590 look for a buy, below 6360, sell. Easy.
Where do YOU think price is heading? Leave a chart in the comment section and let us all share our thoughts!
Please leave a LIKE and FOLLOW. I'd highly appreciate it.
Thank you for your support.
Comment:
New analysis posted, with new support levels and expectations. see below!
Posting a new analysis in an hour or so if enough attention warrants it.
Please leave a LIKE and FOLLOW. I’d really appreciate it.
Thank you for your support.