BTC - UP, UP, UP OR NOT?
In the previous update, we've written that if the price falls below $5650 and consolidates below this level, you can open a SHORT position. However, after breaking through this level, the price didn't fix there and quickly came back, which tells us about the strength of BULLS who keep the price above $5650. But if we see the weakness of the buyer and the price will remain below $5650 for a sufficiently long period of time, like 22-24 hours then it will be a SELL signal.
Now the price has two options to go UPWARD, such as:
Also, don't forget that we still have an option where the price fails to break through the level $5850. In this case, you should close all LONG positions.
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Now the price has two options to go UPWARD, such as:
- 1. Pumping and leave us no time to enter a position, so we will buy at $5850.
- 2. Testing the support at $5650 and only after that going up, breaking through resistance at $5850, fixing there and consolidating to continue upward movements.
Also, don't forget that we still have an option where the price fails to break through the level $5850. In this case, you should close all LONG positions.
If you like this idea, do not forget to put Like and subscribe to the profile, so as not to miss the update.
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