BTC/USD 4HR BEARISH MACD CROSS - ENTER LONG @ 10500
Recently Bitcoin peaked around 11400, and we are in the midst of what looks like an ABC correction to the downside.
10500 has been an important resistance level throughout 2019 and 2020 which was broken; it can be proposed to be a new support level which price may bounce off of.
This price coincides with the Bollinger Band basis.
Accompanied by the bearish MACD cross on the 4 hour chart, price can fall to this support level. RSI has also broken below its bullish trendline and can continue to fall.
Potential take-profit for this entry is in the 11900-12000 range, where price may see a pullback: this area is where price failed to hold during the July/August 2019 bull-run.
Breaking below the 10300 area could signal a further drop below 10000, but I believe this is unlikely given the bullish pressure at the higher timeframes.
In another scenario, price could possibly hold at the short term support of 10900 and continue upwards, but given the likely volatility following the recent spike in price, it would be unadvisable to open a long position at this level.
10500 has been an important resistance level throughout 2019 and 2020 which was broken; it can be proposed to be a new support level which price may bounce off of.
This price coincides with the Bollinger Band basis.
Accompanied by the bearish MACD cross on the 4 hour chart, price can fall to this support level. RSI has also broken below its bullish trendline and can continue to fall.
Potential take-profit for this entry is in the 11900-12000 range, where price may see a pullback: this area is where price failed to hold during the July/August 2019 bull-run.
Breaking below the 10300 area could signal a further drop below 10000, but I believe this is unlikely given the bullish pressure at the higher timeframes.
In another scenario, price could possibly hold at the short term support of 10900 and continue upwards, but given the likely volatility following the recent spike in price, it would be unadvisable to open a long position at this level.