BTCUSD buying careful opportunities within potential range.
I am bullish in the short term - 4 Hour chart but neutral to bearish on the long term - 1 Day chart. My Daily analysis is here :
The scenario that presents itself now is buying with a view of selling at the top of a potential range, due to the break of the BTC bullish trend.
BTC price has rebounded with RSI also off lows. The overall bullish trend was technically broken (daily chart above) so buying with careful money management and good stop losses can occur now. Depending on your risk strategy one could buy right now, or wait for the 10 and 20 day moving averages to cross in a bullish direction (up) for a buy signal. Also if a break of the resistance (red line) at 13000 occurs, this could lead to a further buy signal.
My stop loss areas of interest are 11000 and 9000. My profit taking area is 17000. Longer term, when the profit taking area comes into focus I will re-evaluate based also on fundamentals. The fundamentals of bitcoin are improving. Average confirmation had a major spike but has returned to lower levels and the unconfirmed transactions continue to decline (<100 000). This shows a shift from selling to buying again. Coupled with the technical supports, lows may have formed and price may start heading up again.
The scenario that presents itself now is buying with a view of selling at the top of a potential range, due to the break of the BTC bullish trend.
BTC price has rebounded with RSI also off lows. The overall bullish trend was technically broken (daily chart above) so buying with careful money management and good stop losses can occur now. Depending on your risk strategy one could buy right now, or wait for the 10 and 20 day moving averages to cross in a bullish direction (up) for a buy signal. Also if a break of the resistance (red line) at 13000 occurs, this could lead to a further buy signal.
My stop loss areas of interest are 11000 and 9000. My profit taking area is 17000. Longer term, when the profit taking area comes into focus I will re-evaluate based also on fundamentals. The fundamentals of bitcoin are improving. Average confirmation had a major spike but has returned to lower levels and the unconfirmed transactions continue to decline (<100 000). This shows a shift from selling to buying again. Coupled with the technical supports, lows may have formed and price may start heading up again.
Commentaire:
Some cautious buying could occur at these levels with tight stops, below 10000 or 9000. Also buying with other signals such as the Moving Average crossover.
Commentaire:
Fundamentals are improving with falling network congestion. I've updated my analysis with buying recommendations:
