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CSTrading
May 3, 2018 11:21 AM

BTCUSD might pullback to 8500 (a supposed support area) Long

Bitcoin / DollarBitfinex

Description

BTCUSD is now consolidating around 9000 area and may slip down to 8500-8700. I consider buying from that area with a target around 10000 (and stop of $600)
A previous ascending rally was quite strong with low volatility on the D1 chart - it is usually a sign of a trending market. Though, I do not consider BTCUSD growing above $10000 - at least I don't plan to set my targets beyond that level.

Comment

The instrument has reached 10000 without testing 8500 area, so this recommendation is no longer active
Comments
Asma7assan
why not? why dont you see BTC growing above the 10k limit?
CSTrading
@AsmaHassan, because I'm a swing, not a position trader. My horizon is 2-3 weeks max. But anything can happen
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