BTC/USD - Planning The Entry
Updated
Price nicely staying around the prescribed levels, and now it's time to figure out the levels where the trade can specifically be engaged. It's been a bit of a waiting game the last week or so, so it's good now that there's 2 levels that a long opportunity can be sought out.
Bitcoin -0.41% has 2 levels to trade. They are:
1) Bitcoin -0.41% bounces off of the side-wards support line between 6520 and 6560. This is also where the 20 and 50 moving average support level is, and would be a good place for a bounce and long opportunity.
2) Bitcoin -0.41% fails to support on the side-wards support level , and falls lower. Price will then hit the horizontal support zone instead, at 6210 before a bounce up.
Bear in mind that if price plays out scenario 2, it is significantly less likely that the upside target will be hit.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Bitcoin -0.41% has 2 levels to trade. They are:
1) Bitcoin -0.41% bounces off of the side-wards support line between 6520 and 6560. This is also where the 20 and 50 moving average support level is, and would be a good place for a bounce and long opportunity.
2) Bitcoin -0.41% fails to support on the side-wards support level , and falls lower. Price will then hit the horizontal support zone instead, at 6210 before a bounce up.
Bear in mind that if price plays out scenario 2, it is significantly less likely that the upside target will be hit.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Note
Price continues to go to the downside very nicely. On the 8 hour chart there's a fantastic down move and a hammer/pin bar onto the converged moving averages! I'll be watching this very carefully today as a premature move is actually possible soon!Will be keeping this analysis updated as it progresses.
Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
Related publications
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.