TomProTrader

BTC/USD - Planning The Entry

TomProTrader Updated   
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Price nicely staying around the prescribed levels, and now it's time to figure out the levels where the trade can specifically be engaged. It's been a bit of a waiting game the last week or so, so it's good now that there's 2 levels that a long opportunity can be sought out.

Bitcoin -0.41% has 2 levels to trade. They are:

1) Bitcoin -0.41% bounces off of the side-wards support line between 6520 and 6560. This is also where the 20 and 50 moving average support level is, and would be a good place for a bounce and long opportunity.

2) Bitcoin -0.41% fails to support on the side-wards support level , and falls lower. Price will then hit the horizontal support zone instead, at 6210 before a bounce up.

Bear in mind that if price plays out scenario 2, it is significantly less likely that the upside target will be hit.

Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!

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Comment:
Price continues to go to the downside very nicely. On the 8 hour chart there's a fantastic down move and a hammer/pin bar onto the converged moving averages! I'll be watching this very carefully today as a premature move is actually possible soon!

Will be keeping this analysis updated as it progresses.

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