Bitcoin Bouncing Off Resistance, Key Short Term Levels to Watch!
Updated
Good Afternoon traders!
Bitcoin is at it again. At time or writing, Bitcoin is trading at $10,682 and it just bounced off of resistance towards support, here are some key levels we may want to keep an eye on.
The daily chart shows Points of Control(POC's) at $10,700 and $10,598, and, the most prominent POC on the daily, $10,400. If we zoom in on the hourly, we can see that since about 8:00am(EST) this morning on 9/3/2019, BTC has been trading between $10,700 and $10,598. We just saw it test $10,700 almost exactly, but it bounced. We are still in this nice and small range, and these levels should be watched carefully if you are in BTC currently. If $10,598 does not hold, then we may see a test of our strongest POC on the daily, $10,400. If $10,400 does not hold, our next resistance POC is at $10,115, which was formerly the strongest POC on the daily until the last day or two (and is definitely the second strongest POC on this chart.) If we can surpass $10,700, however, we will face resistance POC's at $11,382, $11,715, and $11,868.
Disclaimer: This is NOT trading advice! These are merely my opinions that I have posted for you to use as one of hopefully many tools for making YOUR OWN decisions. I hope you all kill it, but I am not responsible for any financial losses. Thanks for reading!
Bitcoin is at it again. At time or writing, Bitcoin is trading at $10,682 and it just bounced off of resistance towards support, here are some key levels we may want to keep an eye on.
The daily chart shows Points of Control(POC's) at $10,700 and $10,598, and, the most prominent POC on the daily, $10,400. If we zoom in on the hourly, we can see that since about 8:00am(EST) this morning on 9/3/2019, BTC has been trading between $10,700 and $10,598. We just saw it test $10,700 almost exactly, but it bounced. We are still in this nice and small range, and these levels should be watched carefully if you are in BTC currently. If $10,598 does not hold, then we may see a test of our strongest POC on the daily, $10,400. If $10,400 does not hold, our next resistance POC is at $10,115, which was formerly the strongest POC on the daily until the last day or two (and is definitely the second strongest POC on this chart.) If we can surpass $10,700, however, we will face resistance POC's at $11,382, $11,715, and $11,868.
Disclaimer: This is NOT trading advice! These are merely my opinions that I have posted for you to use as one of hopefully many tools for making YOUR OWN decisions. I hope you all kill it, but I am not responsible for any financial losses. Thanks for reading!
Note
2h just closed in this range, looks like we'll have to stay patient.
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