Bitcoin SWING TRADE
Updated
+++++++++swing trade: quick update++++++++++
Hello and welcome to a quick update dear traders, beginners and friends!
Today I want to share a swing trade idea for bitcoin for the next two weeks!
First of all, we broke below 7000 three times and bounced three times, which provides information about a strong support right now!
Since then BTC climbed up and accumulated power and tried to break 7700, which historically is a strong support zone (look at last bullmarket to 14k where we broke 7700 levels)
RSI shows a bullish divergence and strenght in the market as well as volume, which is increasing since the bottom of 6500 (much volume, good sign=could be bottom)
We tried to break this level 3 times as of the past 3 days, if we manage to do so, 8300 will be in range with a retest of 7700 and possibly lower afterwards...
Right now we are on the move up for the third attempt to break this level. I expect to get rejected maybe one more time. If we never break this level, this indicates a strong resistance which will lead to a retest of lower 7k levels to see if the support holds...
Until then, happy trading and a good day to you!
your quality trader
Hello and welcome to a quick update dear traders, beginners and friends!
Today I want to share a swing trade idea for bitcoin for the next two weeks!
First of all, we broke below 7000 three times and bounced three times, which provides information about a strong support right now!
Since then BTC climbed up and accumulated power and tried to break 7700, which historically is a strong support zone (look at last bullmarket to 14k where we broke 7700 levels)
RSI shows a bullish divergence and strenght in the market as well as volume, which is increasing since the bottom of 6500 (much volume, good sign=could be bottom)
We tried to break this level 3 times as of the past 3 days, if we manage to do so, 8300 will be in range with a retest of 7700 and possibly lower afterwards...
Right now we are on the move up for the third attempt to break this level. I expect to get rejected maybe one more time. If we never break this level, this indicates a strong resistance which will lead to a retest of lower 7k levels to see if the support holds...
Until then, happy trading and a good day to you!
your quality trader
Trade closed: target reached
Actually exactly what I have expected. We tried to break these levels, we were rejected and dumped to 7K level. I guess we can close this swing trade everybody! Good job and enjoy your gains!
Sic Parvis Magna - Greatness From Small Beginnings
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.