- Bitcoin is coming closer and closer to its support region at 7k.An extremely important moving average coupled with previous swing support zones will act as a major area of price holding up.
A very good indication to this pump up at 7-7.2k comes in as we can clearly see fall in selling volumes.A price pump with major volumes is gonna be expected.
A fall in Average Selling Volumes is a clear Indication of the Selling halting.
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Trade gets active at 7100.
Levels above 8750 on the 4hr Closing basis should see us propel the price to 9200 for starters.
Adjust Stop Loss to entry price + 100 points.
The confluence of the Moving Averages right at the current market price is a sign of concern and we must step back and wait to see what the price does next.
A close on the 4hr above the MA's will signify our second target of 9985 being activated.
Trade with Caution.