BTC/USD - Live Update
Updated
What's up traders, I hope you're all having a wonderful weekend.
Let's analyze BTC/USD on the 1D chart.
When looking at the 1 Day chart, price is clearly trading into a resistance zone, which could prove to be a significant pivot point. Price could either break the resistance at 10725 before breaking to the upside target of 17000. Alternatively, if price breaks below 9520, price could break to the lows and retests the support at 6470 before eventually bouncing back to the upside, likely testing the resistance at 10725.
Bitcoin is also under a major moving average resistance, as well as the horizontal resistance zone which coincide, implying there would have to be a huge bullish presence to break out of the resistance zone, as well as continued bullish momentum to make it to the upside target of 17000. This implies that the probabilities are that the price will fall rather than rise, but I will not be trading my assumptions, I will be trading only what I see, not what I think.
I will update this analysis when I receive above 40 likes.
Let's analyze BTC/USD on the 1D chart.
When looking at the 1 Day chart, price is clearly trading into a resistance zone, which could prove to be a significant pivot point. Price could either break the resistance at 10725 before breaking to the upside target of 17000. Alternatively, if price breaks below 9520, price could break to the lows and retests the support at 6470 before eventually bouncing back to the upside, likely testing the resistance at 10725.
Bitcoin is also under a major moving average resistance, as well as the horizontal resistance zone which coincide, implying there would have to be a huge bullish presence to break out of the resistance zone, as well as continued bullish momentum to make it to the upside target of 17000. This implies that the probabilities are that the price will fall rather than rise, but I will not be trading my assumptions, I will be trading only what I see, not what I think.
I will update this analysis when I receive above 40 likes.
Note
As per the analysis, price perfectly hit the resistance level before coming into the downside. There is 2 outcomes that are now likely to happen.
Price could continue to the downside and pause at the major moving average resistance at around 8500 before bouncing
Price could pause at consolidation levels higher at 8800 and come back to the upside instead.
Me and my premium signals group have been short for a while and making significant profits. So look for a good position that suits your trading strategy.
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