Bitcoin Ready for another move up?
Updated
Hi traders,
as we can see, Bitcoin has been trading sideways for almost a week now, with a few spikes up as an exception.
Each move above the resistance has been followed by a dump back into the zone, which tells me something is about to happen.
The resistance has been tested for quite a few times and, contrary to what many people still think, the more it gets tested, the weaker it gets.
So in my opinion it's safe to take a long position now, at least until we reach that resistance area again.
If we break it, the next area I'm watching is 11550.
If you you like posts, please give me a thumbs up or a follow. Thanks!
Happy trading :-)
as we can see, Bitcoin has been trading sideways for almost a week now, with a few spikes up as an exception.
Each move above the resistance has been followed by a dump back into the zone, which tells me something is about to happen.
The resistance has been tested for quite a few times and, contrary to what many people still think, the more it gets tested, the weaker it gets.
So in my opinion it's safe to take a long position now, at least until we reach that resistance area again.
If we break it, the next area I'm watching is 11550.
- Don't use this as standalone strategy. Combine this with your favourite indicators to get confirmations.
- This is not financial advice, but meant for educational purposes.
- As always, Do Your Own Research!
If you you like posts, please give me a thumbs up or a follow. Thanks!
Happy trading :-)
Comment
Let's not forget the 4H chart of course.
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