BTC FINALLY FACED THE RESISTANCE. WHAT TO DO?
Congratulations to all people who followed our ideas and recommendations to open LONG, we've caught the full movement from $5000 to $7000 which is more than 40% net profit without any leverage. But okay, enough is enough, let's consider BTC further movements.
We just have finally come to the major resistance level which is located at $7400 - $7700. This resistance was formed on the 8th of February 2019 and has never been broken. Moreover, at this point, we have a strong resistance according to a Fibo from the retired trend.
Conclusions are quite simple:
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We just have finally come to the major resistance level which is located at $7400 - $7700. This resistance was formed on the 8th of February 2019 and has never been broken. Moreover, at this point, we have a strong resistance according to a Fibo from the retired trend.
Conclusions are quite simple:
- 1. The price takes hold above the resistance, in this case
BTC will have great chances to continue going upward and this resistance will transform into support. - 2. The price doesn't take hold above the resistance, in this case, BTC will flat, which opens a way for ALTCOINS. Otherwise, it will go to a correctional phase at ±$6000. This ascending support became the strongest support of the whole local uptrend. In case the price breaks one - we will see a huge red candle, but it is too early to speak about this topic.
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