One more try from bulls? Better push it! Resistance is strong!
Hello fellow traders!
So, here a quick and straight-to-the-point analysis of current grounds.
Chart says it all. There is a strong, and just incremented, resistance above.
No wonder so much sideways around this level.
Yet, Bulls seem likely try one more time breaking it, with the start of this day. They better do a good job, for real... These are the strongest resistances on the Daily chart, and so, overcoming them shall be hard, specially since they are clustered. However, it would also be a major achievement if successful.
If rejection comes, it will probably make price break the underlaying uptrend line, suggesting a longer correction. Probably, then, we can see support around pink and light blue MA's level (7500-600).
Think well how you are going to play this.
As for me, I'm just watching. No hurries.
As usual: these are not trading calls. Please do your own research and decision making before entering or exiting a trade.
Trade wisely. Lose little. Stay in the game.
PhinkTrade.
So, here a quick and straight-to-the-point analysis of current grounds.
Chart says it all. There is a strong, and just incremented, resistance above.
No wonder so much sideways around this level.
Yet, Bulls seem likely try one more time breaking it, with the start of this day. They better do a good job, for real... These are the strongest resistances on the Daily chart, and so, overcoming them shall be hard, specially since they are clustered. However, it would also be a major achievement if successful.
If rejection comes, it will probably make price break the underlaying uptrend line, suggesting a longer correction. Probably, then, we can see support around pink and light blue MA's level (7500-600).
Think well how you are going to play this.
As for me, I'm just watching. No hurries.
As usual: these are not trading calls. Please do your own research and decision making before entering or exiting a trade.
Trade wisely. Lose little. Stay in the game.
PhinkTrade.
Comment:
One more remark: if you are planning to long if it clears 8700, remember to consider fib projection. BTW, we've just stopped here again...
Trade closed: target reached:
Ok, we arrived. Now, let's see...
Comment:
Bulls will probably try breaking D resistance again, and it is likely that they make it reach 1.618 fib projection level (~8920). But will they have strength to continue without a pause? Doesn't sound so natural, given current structure. But, this is Bitcoin... To be seen.
Comment:
Ok. We got here: 1.618 projection fib.
Comment:
1.618 fib worked just as expected. Bulls will attempt breaking it again, though. But this proportion, usually, is a place for starting a retracement. Be careful.
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This is not an easy place, as per scenario above.
Ps.: As always, information is educational only.
Make your own decisions.