Daily higher low? Looking for 7.5K for reversal?
Updated
Hello traders,
Bitcoin has been in very tight ranges in past few days, and people are desperate for the decisions to be made.
Looking at the daily chart, we see that daily high is starting to take place ($8735) and we may see another tightening equilibrium to be formed. I have not been trading Bitcoin past few days as there are only small gains to be made with very high risk. Ideally, what I am looking at is daily bullish divergence to formed and find solid support around 7.3K-7.5K region (blue box).
Drawing Fibonacci retracement, it is becoming evident that 50% retracement level is acting somewhat a resistance, and it is highly possible to test 61.8% in next few days which overlap with the blue box that I drew.
In case of bullish breakout, I need to see Bitcoin goes above $8600 with high buying volume and the target will be $9000 for now.
Happy trading!!
Bitcoin has been in very tight ranges in past few days, and people are desperate for the decisions to be made.
Looking at the daily chart, we see that daily high is starting to take place ($8735) and we may see another tightening equilibrium to be formed. I have not been trading Bitcoin past few days as there are only small gains to be made with very high risk. Ideally, what I am looking at is daily bullish divergence to formed and find solid support around 7.3K-7.5K region (blue box).
Drawing Fibonacci retracement, it is becoming evident that 50% retracement level is acting somewhat a resistance, and it is highly possible to test 61.8% in next few days which overlap with the blue box that I drew.
In case of bullish breakout, I need to see Bitcoin goes above $8600 with high buying volume and the target will be $9000 for now.
Happy trading!!
Note
As predicted, Bitcoin is trading below $8000 now. Most likely it will test 7.8K soon.
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