BITCOIN | Strong Resistance, Don't Rush, Wait For a Break!
Hi,
During the weekend the price of BTC got a small rejection downwards but climbed "up" pretty quickly. Do you think it is a good time to buy it for mid, - long-term? I will say no, it is not a good time to buy it because the area just above the current price is pretty strong and actually it will be a deciding point for further BTC movement.
At the moment, I can see that the price of BTC might climb higher to retest the area around $35000. Currently, it fights with 4-hour EMA50 which acting as a resistance and if the price manages to break above it then the strongest zone/resistance will be there pretty quickly.
The strong resistance consists of two types of trendline; the higher one will act as a resistance waiting for a third touch and the second one, lower, will also act as resistance but the type is a bit different.
We have a strong 4-hour candle break below of it. Strong candle break means it is definitely a line to keep an eye on because the price needed a strong volume to break below and now it acts as resistance because the price comes to retest it.
The crossing area consists of:
* Prementioned trendlines
* Mid-number $35000 acting as a resistance, worked previously multiple times
* Strong area around 35k, several rejections upwards and downwards, it shows that currently, it is a pretty psychological level for investors/traders
* Different Fibonacci levels
As said, currently, I don't recommend buying BTC for the mid-, long-term. Wait for the breakout of it. Wait, let the price shows that it is ready to climb higher and THEN you can act.
It is not worth taking a risk from current prices because the down pressure is still alive.
It can be also a possible selling area but we need a candlestick pattern confirmation to make another short-term sell from it. Bearish candlestick patterns what I will wait for are here
Regards,
Vaido
During the weekend the price of BTC got a small rejection downwards but climbed "up" pretty quickly. Do you think it is a good time to buy it for mid, - long-term? I will say no, it is not a good time to buy it because the area just above the current price is pretty strong and actually it will be a deciding point for further BTC movement.
At the moment, I can see that the price of BTC might climb higher to retest the area around $35000. Currently, it fights with 4-hour EMA50 which acting as a resistance and if the price manages to break above it then the strongest zone/resistance will be there pretty quickly.
The strong resistance consists of two types of trendline; the higher one will act as a resistance waiting for a third touch and the second one, lower, will also act as resistance but the type is a bit different.
We have a strong 4-hour candle break below of it. Strong candle break means it is definitely a line to keep an eye on because the price needed a strong volume to break below and now it acts as resistance because the price comes to retest it.
The crossing area consists of:
* Prementioned trendlines
* Mid-number $35000 acting as a resistance, worked previously multiple times
* Strong area around 35k, several rejections upwards and downwards, it shows that currently, it is a pretty psychological level for investors/traders
* Different Fibonacci levels
As said, currently, I don't recommend buying BTC for the mid-, long-term. Wait for the breakout of it. Wait, let the price shows that it is ready to climb higher and THEN you can act.
It is not worth taking a risk from current prices because the down pressure is still alive.
It can be also a possible selling area but we need a candlestick pattern confirmation to make another short-term sell from it. Bearish candlestick patterns what I will wait for are here
Regards,
Vaido
Comment:
...and what I said?!
Do not rush and hopefully you didn’t! Market got rejection from 35k but I think it will try it again.
