thiluxan_s

BTC Critical Zone - Possible Plays

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC still respecting the yellow upwards trend line . Trend is still up atm.

Saw some sell-off but price is still held relatively well and the distance between our golden cross is expanding which is very bullish .

Major price level: $9450. If we have a daily close below that then we will likely have a leg down and I would be eyeing the 9k region, which happens to be the bottom of the pink channel and the 50 MA.

$9000: Possible opportunity for a big bounce here but will have to let the trade come to us. This is a very risky zone because momentum oscillators will likely be pointing downwards and we would need quite the bounce to negate that. Also, depending on the close we may break our major upward trend line . If this is the case I could easily see continuation to the downside as shown above.

$10,500: This is the gatekeeper. If we close a daily candle or two above I would anticipate fireworks at that point, likely to pass 11k and beyond. Thsi is because not only would it be a breakout above the pink channel we've been trading in, it would also break out and above the MAJOR macro resistance, initiating possibly the next giant btc bull run. This doesn't mean go all in right away as we will of course have retracements along the way.

Just my opinion and sharing my trade setup; this is not trading advice. Be prepared for the worst but hope for the best and please practice good bankroll management. Safe trading, cheers!

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