Good evening everyone ,
BITCOIN is trading between 3200~4000 range for a while now.
For my personal strategy this is a no trade zone, now if you trade on short timeframes with tight stop losses and target profits then of course this is a natural and good trade zone for you.
Now what i expect for btc?
If BTC break and close above 4200 level it'll likely re-test the 50 EMA around 5000 zone and if the bulls come with strenght and maybe some backdoor euphoria/fomo we might reach 6050 level.
On other hand, as we can see on the chart the 3000 level was a strong resistance and support zone and recently our 200 weekly SMA , if btc break below this level we will likely see 1800.
Personal feeling? Bullish
But we dont trade with feelings, we trade with technicals.
And concerns me the low volume these last weeks up-candles which can mean we are reaching a "no demand zone" near 4000 usd.
Anyway, lets wait and see, criptomarket is a slippery sloppery market and we must trade it with twice caution and money management.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
BITCOIN is trading between 3200~4000 range for a while now.
For my personal strategy this is a no trade zone, now if you trade on short timeframes with tight stop losses and target profits then of course this is a natural and good trade zone for you.
Now what i expect for btc?
If BTC break and close above 4200 level it'll likely re-test the 50 EMA around 5000 zone and if the bulls come with strenght and maybe some backdoor euphoria/fomo we might reach 6050 level.
On other hand, as we can see on the chart the 3000 level was a strong resistance and support zone and recently our 200 weekly SMA , if btc break below this level we will likely see 1800.
Personal feeling? Bullish
But we dont trade with feelings, we trade with technicals.
And concerns me the low volume these last weeks up-candles which can mean we are reaching a "no demand zone" near 4000 usd.
Anyway, lets wait and see, criptomarket is a slippery sloppery market and we must trade it with twice caution and money management.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Comment:
UPDATE
Nothing to do for long term yet.