Short Term corrections before heading to The Moon
Looks like there isn't enough power for the market to penetrate the resistance at 46800. IMO in order to reach a new high and to break the resistance range the market has to exhaust all supply and push down to a lower level of support at about the 43500 to 42000 range in order to attract more institutional traders into the market
However this is only a short term trading strategy that could last at least 1-2 Days for now. My overall Analysis for the market is very bullish in the mid to long range.
How I arrived to the conclusion of a pullback here is by observing the Fibonacci levels which clearly show retracements around the 36.5% level and also the RSI indicator which shows signs that market is overbought.
But if the market manage to break the previous resistance levels today then there's a higher probability for BTC to rocket to the Moon.
IMPORTANT LEVELS TO OBSERVE
RESISTANCE : 47000 TO 48900
SUPPORT : 43800 TO 42500
However this is only a short term trading strategy that could last at least 1-2 Days for now. My overall Analysis for the market is very bullish in the mid to long range.
How I arrived to the conclusion of a pullback here is by observing the Fibonacci levels which clearly show retracements around the 36.5% level and also the RSI indicator which shows signs that market is overbought.
But if the market manage to break the previous resistance levels today then there's a higher probability for BTC to rocket to the Moon.
IMPORTANT LEVELS TO OBSERVE
RESISTANCE : 47000 TO 48900
SUPPORT : 43800 TO 42500
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.