Bullishness is strong, but should meet resistance soon (2)
As anticipated, +-8420 level presented relevant resistance to BTCUSD, which is now retracing around blue average on 305 min chart.
Uptrend is still pretty much in place, and we can expect a bounce and another attempt at higher levels, eg. 8600, which remains a likely top for current move (with a possible stretch to 8800 level), and suggesting a stronger correction, afterwards.
Attention points remain approximately the same as previous study:
If considering going long, verify if target provides a risk/return ratio worth trying (minimum 1:3).
Shorting against upward moving averages is also not recommended.
Trade wisely. Lose little. Stay in the game.
PhinkTrande
Uptrend is still pretty much in place, and we can expect a bounce and another attempt at higher levels, eg. 8600, which remains a likely top for current move (with a possible stretch to 8800 level), and suggesting a stronger correction, afterwards.
Attention points remain approximately the same as previous study:
- Marked areas;
- Touch to averages and horizontal lines;
- Break of uptrend line (blue);
- Margin enhanced volume showing margin positions being closed on the way up, mostly longs - but also a few shorts.
If considering going long, verify if target provides a risk/return ratio worth trying (minimum 1:3).
Shorting against upward moving averages is also not recommended.
Trade wisely. Lose little. Stay in the game.
PhinkTrande
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Telegram Channel: bit.ly/phinktrade_tc
Twitter: bit.ly/phinktrade_tw
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