What is the next move for Bitcoin? Technical Analysis : Daily
Let's keep it simple, as simple as you can understand.
Bitcoin is currently flirting with 21MA on the daily timeframe. 21MA is an important moving average to keep track of trend change. New trends are usually started with breakout or breakdown from 21MA on a Higher timeframe. we have seen that in the past, and we will see in the future as well.
So one thing is clear: Bitcoin needs to break above 21MA, and build support above it, for a trend change into bullish. If that happens then, there is a very high chance that Bottom is in.
But IF Bitcoin fails to break above 21MA: Similar to highlighted Price action then I am still expecting Bitcoin to drop down below 6300$.
So what you need to do?
Watch out today's candle close: OPEN LONG if the candle closes above 21MA, Set stop below 21MA, and target should be 8300 - 8700$.
OPEN SHORT if the candle closes with a swing failure below 21MA, Set stop above 21MA and target should be 6300$
Bitcoin is currently flirting with 21MA on the daily timeframe. 21MA is an important moving average to keep track of trend change. New trends are usually started with breakout or breakdown from 21MA on a Higher timeframe. we have seen that in the past, and we will see in the future as well.
So one thing is clear: Bitcoin needs to break above 21MA, and build support above it, for a trend change into bullish. If that happens then, there is a very high chance that Bottom is in.
But IF Bitcoin fails to break above 21MA: Similar to highlighted Price action then I am still expecting Bitcoin to drop down below 6300$.
So what you need to do?
Watch out today's candle close: OPEN LONG if the candle closes above 21MA, Set stop below 21MA, and target should be 8300 - 8700$.
OPEN SHORT if the candle closes with a swing failure below 21MA, Set stop above 21MA and target should be 6300$