BTC Levels Close Up and When to Buy/ Sell
Updated
BTC has been in a range now for about a week which has been a great time to trade Alts as there is always a big increase in volume when this happens and you can set stop losses knowing that if your stop loss gets hit you won't fall back into a currency that is on the tumble.
BTC is starting to approach the 8,300 resistance level again with strong support from both the moving averages on the 1H and 4H charts. If it makes it through then it should head up to test the 8,600 resistance level. The strong resistance is at approx the 9,165 level which was the previous recent high. IF BTC breaks through this then we will have a reversal and no longer be in a downtrend. Above this area is a great position to buy long with a stop lost just below. Going long on BTC at any point prior to this is risky as we are still in a downtrend.
If we break down below the moving average support and the bottom of the current trend then we will most likely resume our descent to an approx target range of 4,400 to 4,800 with a few bounces on the way. Below the current support level would be the ideal position to short.
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BTC is starting to approach the 8,300 resistance level again with strong support from both the moving averages on the 1H and 4H charts. If it makes it through then it should head up to test the 8,600 resistance level. The strong resistance is at approx the 9,165 level which was the previous recent high. IF BTC breaks through this then we will have a reversal and no longer be in a downtrend. Above this area is a great position to buy long with a stop lost just below. Going long on BTC at any point prior to this is risky as we are still in a downtrend.
If we break down below the moving average support and the bottom of the current trend then we will most likely resume our descent to an approx target range of 4,400 to 4,800 with a few bounces on the way. Below the current support level would be the ideal position to short.
If you have found this useful and would like updates please click on the thumbs up!
Note
Raise those stop losses!!! In the next few hours (five at the very most) BTC is going to be squeezed between the EMAs and the 8,300 resistance! Secure your profits in case it chooses to head down. If it goes above it and can make the 8,300 a support area (watch if it comes back down to test it) then the next resistance is at 8,600.BUY AT SUPPORT, SELL AT RESISTANCE!!!
Note
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