BTCUSDT 1 Hour Poloniex - 10 Day Analysis
Looking at the last 10 days of price movement we can now clearly see a large trading channel which has formed.
We have the thick Resistance level of $4,000 - $4080 to break through which as seen seems to have been tried twice in the last 10 days.
A good couple of pumps have seen BTC rise to $3900 - $3950 quite quickly. I would be he hesitant to say the price has consolidated in the high $3,000's. I would be inclined to say the pricing is showing consolidation between price levels of $3,900 and $3,500.
Unless we hear some more bad news re a cyrpto crackdown it feel gone are the days of sub $3500 BTC for the next 30 days. If the price reaches $4,150 then there is a good chance that $4,500 will follow quite quickly followed by a quick profit take and dump back to $4000 testing it as a support level.
Note: There is no clear trend still up or down, but what is clear is a definite sideways trading direction. This should be taken as a hesitation in the market, a sign of indecision from both Bulls and Bears.
My trading I will\be looking for a buy position at $3,600 should it come and then will allocate x amount of BTC as a longterm hold position. Remainder will be traded on swing and day trading.
Love to hear what your trading strategy is going to be. Its an interested time at the moment. Not very exciting though :))
We have the thick Resistance level of $4,000 - $4080 to break through which as seen seems to have been tried twice in the last 10 days.
A good couple of pumps have seen BTC rise to $3900 - $3950 quite quickly. I would be he hesitant to say the price has consolidated in the high $3,000's. I would be inclined to say the pricing is showing consolidation between price levels of $3,900 and $3,500.
Unless we hear some more bad news re a cyrpto crackdown it feel gone are the days of sub $3500 BTC for the next 30 days. If the price reaches $4,150 then there is a good chance that $4,500 will follow quite quickly followed by a quick profit take and dump back to $4000 testing it as a support level.
Note: There is no clear trend still up or down, but what is clear is a definite sideways trading direction. This should be taken as a hesitation in the market, a sign of indecision from both Bulls and Bears.
My trading I will\be looking for a buy position at $3,600 should it come and then will allocate x amount of BTC as a longterm hold position. Remainder will be traded on swing and day trading.
Love to hear what your trading strategy is going to be. Its an interested time at the moment. Not very exciting though :))