BTC Analysis: What’s next? Is it the big short of a life time.
Currently, BTC is showing a good growth signal in the Upward channel after a drop to $ 3800
BTC decreases to Demand D1 8500-8400 and back test at Supply D4 9200
Technical Analysis shows that $9,200 is an important level with below critical keys to watch:
- $9,200-9400$ is Supply D4 with the appearance of a Fibonacci level 0.786
-The resistance line of the major downtrend is standing there. In case Bitcoin can break above, it officially gets out of the long-term downtrend and moves to a bull market.
What we should do now is waiting for a reversal signal.
There is a possible bullback:
- BTC continually pull back to Demand D4 7850 -8000. There is also a strong support from MA100 at this level.
- In addition, the highlight circle on RSI & Resistance line in the chart is also a signal for the appearance of the pullback.
Therefore, we can consider to buy BTC at this point.
In the contrast, if BTC breaks out the Demand D4, goes through the upward channel, and closes the day candle at 7300$, the downtrend continues.
Our trading strategy is waiting for opening a short position at Emtry 92000 : TP Demand D4
Thanks For Watching
BTC decreases to Demand D1 8500-8400 and back test at Supply D4 9200
Technical Analysis shows that $9,200 is an important level with below critical keys to watch:
- $9,200-9400$ is Supply D4 with the appearance of a Fibonacci level 0.786
-The resistance line of the major downtrend is standing there. In case Bitcoin can break above, it officially gets out of the long-term downtrend and moves to a bull market.
What we should do now is waiting for a reversal signal.
There is a possible bullback:
- BTC continually pull back to Demand D4 7850 -8000. There is also a strong support from MA100 at this level.
- In addition, the highlight circle on RSI & Resistance line in the chart is also a signal for the appearance of the pullback.
Therefore, we can consider to buy BTC at this point.
In the contrast, if BTC breaks out the Demand D4, goes through the upward channel, and closes the day candle at 7300$, the downtrend continues.
Our trading strategy is waiting for opening a short position at Emtry 92000 : TP Demand D4
Thanks For Watching