Go long on Bitcoin
in BTCUSD we can see, how previous resistance level became support.
When on 7th May price reached 9920 - 10050 zone, it did not manage to break it until 27th July. On this day, with huge volume, price went up, and on 17th August it reached 12442 price. It was record high price in 2020 year, so after reaching it, price came back to 9920 level. We can see that this level is now support level. And it is good chance to buy Bitcoin (go long). Stop should be below supprt (9920 level). Target can be 12300 zone or above.
When on 7th May price reached 9920 - 10050 zone, it did not manage to break it until 27th July. On this day, with huge volume, price went up, and on 17th August it reached 12442 price. It was record high price in 2020 year, so after reaching it, price came back to 9920 level. We can see that this level is now support level. And it is good chance to buy Bitcoin (go long). Stop should be below supprt (9920 level). Target can be 12300 zone or above.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.