Bitcoin - a local distribution.
Updated
All talk today is about oil and closing futures contracts below 0, so I would like to warn you once again about the stops.
As you can see on derivatives 0 it is not the limit, but just a new price level.
The markets as a whole look very sluggish, so this week it is quite possible to continue falling on both the fund and the crypt.
At the bitcoin, the price is now at a level from which a strong impulse is quite possible. Maybe not today, but the other day.
On the chart I have highlighted almost a 3-week rally, which can be considered as a local distribution.
If this range breaks its support ($6460-6600), the momentum may reach $5500.
A couple of days ago, I dropped the chart, where I marked the longitude from $6250 to bounce, but at the moment, if it falls, it is better to remove this order.
My advice: if you break down, you should not take the long above $5600 at all.
We can fall without pullbacks and the risk/reward is not justified. If you're in shorts, you can put a stop loss of $7140 or break-even if you're above.
Friends, thanks for your likes and comments!
Good luck with trading!
As you can see on derivatives 0 it is not the limit, but just a new price level.
The markets as a whole look very sluggish, so this week it is quite possible to continue falling on both the fund and the crypt.
At the bitcoin, the price is now at a level from which a strong impulse is quite possible. Maybe not today, but the other day.
On the chart I have highlighted almost a 3-week rally, which can be considered as a local distribution.
If this range breaks its support ($6460-6600), the momentum may reach $5500.
A couple of days ago, I dropped the chart, where I marked the longitude from $6250 to bounce, but at the moment, if it falls, it is better to remove this order.
My advice: if you break down, you should not take the long above $5600 at all.
We can fall without pullbacks and the risk/reward is not justified. If you're in shorts, you can put a stop loss of $7140 or break-even if you're above.
Friends, thanks for your likes and comments!
Good luck with trading!
Note
post where he advised to buy
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