+++++++++swing trade: quick update++++++++++
Hello and welcome to a quick update dear traders, beginners and friends!
Today I want to share a swing trade idea for bitcoin for the next two weeks!
First of all, we broke below 7000 three times and bounced three times, which provides information about a strong support right now!
Since then BTC climbed up and accumulated power and tried to break 7700, which historically is a strong support zone (look at last bullmarket to 14k where we broke 7700 levels)
RSI shows a bullish divergence and strenght in the market as well as volume, which is increasing since the bottom of 6500 (much volume, good sign=could be bottom)
We tried to break this level 3 times as of the past 3 days, if we manage to do so, 8300 will be in range with a retest of 7700 and possibly lower afterwards...
Right now we are on the move up for the third attempt to break this level. I expect to get rejected maybe one more time. If we never break this level, this indicates a strong resistance which will lead to a retest of lower 7k levels to see if the support holds...
Until then, happy trading and a good day to you!
your quality trader
Hello and welcome to a quick update dear traders, beginners and friends!
Today I want to share a swing trade idea for bitcoin for the next two weeks!
First of all, we broke below 7000 three times and bounced three times, which provides information about a strong support right now!
Since then BTC climbed up and accumulated power and tried to break 7700, which historically is a strong support zone (look at last bullmarket to 14k where we broke 7700 levels)
RSI shows a bullish divergence and strenght in the market as well as volume, which is increasing since the bottom of 6500 (much volume, good sign=could be bottom)
We tried to break this level 3 times as of the past 3 days, if we manage to do so, 8300 will be in range with a retest of 7700 and possibly lower afterwards...
Right now we are on the move up for the third attempt to break this level. I expect to get rejected maybe one more time. If we never break this level, this indicates a strong resistance which will lead to a retest of lower 7k levels to see if the support holds...
Until then, happy trading and a good day to you!
your quality trader
Trade closed: target reached:
Actually exactly what I have expected. We tried to break these levels, we were rejected and dumped to 7K level.
I guess we can close this swing trade everybody! Good job and enjoy your gains!
I guess we can close this swing trade everybody! Good job and enjoy your gains!
May the force be with you