So just to be very objective and keep the things simple.
I am not a fundamentalist and I make living trading TA Chart Analysis,
but in these times it is necessary to keep in mind current COVID19 situation.
To keep is simple unemployment rate is getting higher, people are losing jobs, and the spending is reduced as we see it caused all the markets to drop. Is it time for BTC/USD to brake 7k resistance and go up? I don't thing so. Why? Because if we keep the thing simple, all this that is going on makes people think about their future and having some cash with them in case of some very bad scenarios.
As you can see we have touched the 7.2k level and were heavily rejected with a pretty big wick on a daily time frame. Also this was a touch with 50 day moving average to the tick. So there was some buying pressure (probably manipulation) , keeping in mind what i just said above, but it failed to close above 7k or even more importantly above 7.2k. This leads to think that BTC market will react and will definitely see an objective and reasonable drop to the support line in the short term, which is around 5500 usd. I have opened short trade at around 6758 usd, and as you can see I will be closely monitoring the reaction of the price between 5500 and 5580 usd, either to close the trade or stay in the short in possibility of re test of the previous low at around.
If you find my idea useful, and like my analysis make sure to follow me on tradingview since I have just started posting, and I will be posting regular updates and ideas about financial markets.
I would also ask you to make a comment or your opinion as what you think of this trade.
- 12 years of trading, and 9 years full time living from it.
Feel free to contact me for any advice or opinion.
I am not a fundamentalist and I make living trading TA Chart Analysis,
but in these times it is necessary to keep in mind current COVID19 situation.
To keep is simple unemployment rate is getting higher, people are losing jobs, and the spending is reduced as we see it caused all the markets to drop. Is it time for BTC/USD to brake 7k resistance and go up? I don't thing so. Why? Because if we keep the thing simple, all this that is going on makes people think about their future and having some cash with them in case of some very bad scenarios.
As you can see we have touched the 7.2k level and were heavily rejected with a pretty big wick on a daily time frame. Also this was a touch with 50 day moving average to the tick. So there was some buying pressure (probably manipulation) , keeping in mind what i just said above, but it failed to close above 7k or even more importantly above 7.2k. This leads to think that BTC market will react and will definitely see an objective and reasonable drop to the support line in the short term, which is around 5500 usd. I have opened short trade at around 6758 usd, and as you can see I will be closely monitoring the reaction of the price between 5500 and 5580 usd, either to close the trade or stay in the short in possibility of re test of the previous low at around.
If you find my idea useful, and like my analysis make sure to follow me on tradingview since I have just started posting, and I will be posting regular updates and ideas about financial markets.
I would also ask you to make a comment or your opinion as what you think of this trade.
- 12 years of trading, and 9 years full time living from it.
Feel free to contact me for any advice or opinion.