Hey fellow traders!
Looking at XBTUSD from a 4H chart, we can see a basic support trend line that has been tapped a few times over the past month.
Right now, this support trend line is being tested as a resistance level. This could be a make or break scenario for XBTUSD.
If we do break this strong resistance level that is currently not allowing XBTUSD to climb further, we could see a push to the downside.
Looking at the order book and recent trades being placed on Bitmex, I do not think this is the case.
A push to the upside should be imminent. Fingers crossed.
XBTUSD is trading around $5190, looking to go up.
I would recommend a tight stop loss just below $5000, and look for this trade to rocket above $5300 for the least.
The main targets of this trades are as follows:
Target 1 : $5300
Target 2 : $5600-6000 (unlikely within the next day, but due to the volatility of cryptocurrencies, this could play out within a few days)
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Looking at XBTUSD from a 4H chart, we can see a basic support trend line that has been tapped a few times over the past month.
Right now, this support trend line is being tested as a resistance level. This could be a make or break scenario for XBTUSD.
If we do break this strong resistance level that is currently not allowing XBTUSD to climb further, we could see a push to the downside.
Looking at the order book and recent trades being placed on Bitmex, I do not think this is the case.
A push to the upside should be imminent. Fingers crossed.
XBTUSD is trading around $5190, looking to go up.
I would recommend a tight stop loss just below $5000, and look for this trade to rocket above $5300 for the least.
The main targets of this trades are as follows:
Target 1 : $5300
Target 2 : $5600-6000 (unlikely within the next day, but due to the volatility of cryptocurrencies, this could play out within a few days)
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Trade closed: target reached:
Target 1 hit. Looking for a slight pullback now!