What's up traders, I hope you're all having a wonderful weekend.
Let's analyze BTC/USD on the 1D chart
Bitcoin has been dramatic lately - and hasn't been much fun for anyone who doesn't understand how Cryptocurrency works. Please make sure you have trading experience, trading knowledge, and a good trading strategy with already establish rules before trading! I get around 15-20 messages a week to my Telegram account with people telling me they've blown their trading account. Don't be one of these people. Just take it slowly, and the profits will surely follow.
Anyway, I'm glad to be your one stop shop for accurate and reliable Cryptocurrency analysis! We have done well recently, including perfectly predicting Ethereum's entire move, making a significant profit!
Swiftly moving on, let's analyze BTC/USD on the 1D chart.
Bitcoin appears to be breaking a side-wards resistance line on the daily chart at 7570 level. Although price has broken we need to bare in mind there is still significant overhead resistance in the form of the 20, 50 and 200 moving average. These averages suggest the trend is still down, so we need to be mindful of this before immediately assuming to take a long position.
There is 2 outcomes for Bitcoin at this stage, which I have outlined below:
- Bitcoin starts a weak rally, stalling at around 7720, before falling to the downside, to retest side-wards support and the coinciding horizontal support zone at 6710 before seeing eventual upside.
- Bitcoin successfully stays above the side-wards resistance, and continues to travel up to the 50 moving average (Which coincides with structure resistance) at around 8300-8430, before having some downside, retesting the side-wards support line before further upside with an eventual upside target at 11620.
Although scenario 2 is better for short term upside, it is actually scenario 1 I want to see. Why? Simple, a retest on a major coinciding support level shows that investors refuse to let it go lower. At this stage, price will accumulate and give more logical buying opportunities.
I will update this analysis when I receive above 40 likes.
Let's analyze BTC/USD on the 1D chart
Bitcoin has been dramatic lately - and hasn't been much fun for anyone who doesn't understand how Cryptocurrency works. Please make sure you have trading experience, trading knowledge, and a good trading strategy with already establish rules before trading! I get around 15-20 messages a week to my Telegram account with people telling me they've blown their trading account. Don't be one of these people. Just take it slowly, and the profits will surely follow.
Anyway, I'm glad to be your one stop shop for accurate and reliable Cryptocurrency analysis! We have done well recently, including perfectly predicting Ethereum's entire move, making a significant profit!
Swiftly moving on, let's analyze BTC/USD on the 1D chart.
Bitcoin appears to be breaking a side-wards resistance line on the daily chart at 7570 level. Although price has broken we need to bare in mind there is still significant overhead resistance in the form of the 20, 50 and 200 moving average. These averages suggest the trend is still down, so we need to be mindful of this before immediately assuming to take a long position.
There is 2 outcomes for Bitcoin at this stage, which I have outlined below:
- Bitcoin starts a weak rally, stalling at around 7720, before falling to the downside, to retest side-wards support and the coinciding horizontal support zone at 6710 before seeing eventual upside.
- Bitcoin successfully stays above the side-wards resistance, and continues to travel up to the 50 moving average (Which coincides with structure resistance) at around 8300-8430, before having some downside, retesting the side-wards support line before further upside with an eventual upside target at 11620.
Although scenario 2 is better for short term upside, it is actually scenario 1 I want to see. Why? Simple, a retest on a major coinciding support level shows that investors refuse to let it go lower. At this stage, price will accumulate and give more logical buying opportunities.
I will update this analysis when I receive above 40 likes.
Comment:
Had lots of queries as to whether I have a Telegram channel. The answer is yes.
Message me on my Telegram @Tomprotrader for more information.