The market is not out of the Woods, but with no new FUD and absent any new headlines, the market appears to be poised to test higher and we could see our first 10K handle in BTC/USD since 2 weeks ago by late this week or early next week.
The trading activity is stagnant and low volume is concerning, but the positives is that it is trading in a tight triangle formation that is nearing its breakout point.
The top of the triangle resistance is ~8900 and the bottom of the triangle formation is ~7850.
A review of the 4HR and 1HR charts looks like the market has room to the upside and the RSI appears to be neutral and starting to point higher.
The bulls need a move over 8900 supported by solid volume, that could spike the market (possible stops over 9000) and we should be testing resistance in the ~9800 area rather quickly.
As mentioned, BTC/USD could be trading a 5 figure price real soon!
As mentioned in prior posts, we were scale down buyers in BTC, ETH, LTC and a few other coins. Sitting comfortably and looking to see this market by late March trading comfortably in the 5 figure handles and recording higher lows in the 14K range.
We know when we are wrong and have our Stops below.
*This is purely for educational purposes and is in no way investing advice*
Happy Trading!
Support & Resistance Levels
R4 - 12750
R3 - 11500-11600
R2 - 10880
R1 - 9000-8900
Current price = 8700
S1 - 7850
S2 - 7550-7450
S3 - 6950-6900
Thank you for hitting the Like button :)
** This Is not professional investing advice, this is purely for educational purposes. Please do your own research. **
The trading activity is stagnant and low volume is concerning, but the positives is that it is trading in a tight triangle formation that is nearing its breakout point.
The top of the triangle resistance is ~8900 and the bottom of the triangle formation is ~7850.
A review of the 4HR and 1HR charts looks like the market has room to the upside and the RSI appears to be neutral and starting to point higher.
The bulls need a move over 8900 supported by solid volume, that could spike the market (possible stops over 9000) and we should be testing resistance in the ~9800 area rather quickly.
As mentioned, BTC/USD could be trading a 5 figure price real soon!
As mentioned in prior posts, we were scale down buyers in BTC, ETH, LTC and a few other coins. Sitting comfortably and looking to see this market by late March trading comfortably in the 5 figure handles and recording higher lows in the 14K range.
We know when we are wrong and have our Stops below.
*This is purely for educational purposes and is in no way investing advice*
Happy Trading!
Support & Resistance Levels
R4 - 12750
R3 - 11500-11600
R2 - 10880
R1 - 9000-8900
Current price = 8700
S1 - 7850
S2 - 7550-7450
S3 - 6950-6900
Thank you for hitting the Like button :)
** This Is not professional investing advice, this is purely for educational purposes. Please do your own research. **