Entered demand zone - Accumulation
As assumed in the previous post, BTC entered the demand zone due to missing upward momentum. I think it is possible that we keep trading in this range for a while before upward pressure resumes. The last pullback bounced off the MA-200 serving as support for the short-term. MACD is still tending to the downside, while RSI has entered the oversold region on the 2 days time frame.
I am not worried about the long position I opened at the 200-MA as long as it stays over 8.6k. If we break through here, 8-8.2k should give us a strong support area. The market seems uncertain considering what is going on around the world.
If upward momentum picks up again and indicators start to give us a reliable sign 9.5k is the next target.
Summary:
Target to the upside 9.5k
Demand zone + 200-MA support around 8.8k
Technicals still indicate downward pressure
Happy trading to everyone!
I am not worried about the long position I opened at the 200-MA as long as it stays over 8.6k. If we break through here, 8-8.2k should give us a strong support area. The market seems uncertain considering what is going on around the world.
If upward momentum picks up again and indicators start to give us a reliable sign 9.5k is the next target.
Summary:
Target to the upside 9.5k
Demand zone + 200-MA support around 8.8k
Technicals still indicate downward pressure
Happy trading to everyone!
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