As assumed in the previous post, BTC entered the demand zone due to missing upward momentum. I think it is possible that we keep trading in this range for a while before upward pressure resumes. The last pullback bounced off the MA-200 serving as support for the short-term. MACD is still tending to the downside, while RSI has entered the oversold region on the 2 days time frame.
I am not worried about the long position I opened at the 200-MA as long as it stays over 8.6k. If we break through here, 8-8.2k should give us a strong support area. The market seems uncertain considering what is going on around the world.
If upward momentum picks up again and indicators start to give us a reliable sign 9.5k is the next target.
Summary:
Target to the upside 9.5k
Demand zone + 200-MA support around 8.8k
Technicals still indicate downward pressure
Happy trading to everyone!
I am not worried about the long position I opened at the 200-MA as long as it stays over 8.6k. If we break through here, 8-8.2k should give us a strong support area. The market seems uncertain considering what is going on around the world.
If upward momentum picks up again and indicators start to give us a reliable sign 9.5k is the next target.
Summary:
Target to the upside 9.5k
Demand zone + 200-MA support around 8.8k
Technicals still indicate downward pressure
Happy trading to everyone!
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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.
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.