BitcoinUpdated Bitcoin How To Trade - Strong support at 7800
The price has fallen once more, but approaches a very strong support line at 7800 level which also results in a double bottom.
If we break "Trendline: Buy Stop + Long", as shown on my graph, it's a sign of reversal and we need to be ready to buy. We can expect an upward movement to 9000 - 10000 levels. On the way up we keep adding to our long positions as it climbs to the top.
If support is broken, we can expect it to keep going down to 6500 levels, where new buy opportunities arise. On the way down I will open new short positions as we keep confirming the downtrend.
This trade is being updated as we go - no mather what direction...
If we break "Trendline: Buy Stop + Long", as shown on my graph, it's a sign of reversal and we need to be ready to buy. We can expect an upward movement to 9000 - 10000 levels. On the way up we keep adding to our long positions as it climbs to the top.
If support is broken, we can expect it to keep going down to 6500 levels, where new buy opportunities arise. On the way down I will open new short positions as we keep confirming the downtrend.
This trade is being updated as we go - no mather what direction...
Note
Bitcoin is defending 8000 level and as we speak there is a heavy battle between bears and bulls. We need to break the trendline for a possible reversal as well as we need a bullish divergent.
RSI starting to become bullish but it is still early stages.
I have my stop loss on 8424 (to close my short position).
When the daily candle closes we will be wiser and perhaps we will be ready to open long positions soon if support holds.
Trade closed manually
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