$BTCUSD Important levels for maintaining bullish momentum
Before we get into this idea, please note that performance is not guaranteed. I recommend doing your own research before entering any trade. Your upvotes & comments are appreciated.
Since the strong decline between the 8th and the 12th of March,
BTCUSD
has been recovering in a healthy fashion. Drops like the one last week look bad temporarily but are swiftly erased by new gains. For
BTCUSD
to maintain this momentum, there are a few key levels that need to be broken.
Before the drop in March,
BTCUSD
was able to break through the psychological $10,000 barrier, but failed to break through the $10,400 range. This failure was followed by a battle for the $10,000 level which the bears eventually won, driving price down to the lowest key resistance range, between $8,500 and $8,300. See image below for more.
After failing to find support at those levels, the March drop took place, taking us to the start of the upwards trend
BTCUSD
is currently in.
On the way back up, the $8800 level that previously acted as weak support turned into resistance and was broken rather easily. Since then we've seen price action re-attempt the $10,000 level. After failing, price retraced back to the support area between $8,500 & $8,300 before starting this new climb to the $10,000 range.
Zooming out on the weekly timeframe, weekly support & resistance is around 9500, and has been respected on the daily as well.
SUMMARY:
Daily resistances $10,000 & $10,400 need to be broken for further gains. Failure to do so would result in retrace to the $8,800 - $8,300 support area, potentially further.
Recommend longing when price breaks and successfully retests $10,400.
Once again, please do your own research. Best of luck.
- Jelle
Since the strong decline between the 8th and the 12th of March,
BTCUSD
has been recovering in a healthy fashion. Drops like the one last week look bad temporarily but are swiftly erased by new gains. For
BTCUSD
to maintain this momentum, there are a few key levels that need to be broken. Before the drop in March,
BTCUSD
was able to break through the psychological $10,000 barrier, but failed to break through the $10,400 range. This failure was followed by a battle for the $10,000 level which the bears eventually won, driving price down to the lowest key resistance range, between $8,500 and $8,300. See image below for more.
After failing to find support at those levels, the March drop took place, taking us to the start of the upwards trend
BTCUSD
is currently in. On the way back up, the $8800 level that previously acted as weak support turned into resistance and was broken rather easily. Since then we've seen price action re-attempt the $10,000 level. After failing, price retraced back to the support area between $8,500 & $8,300 before starting this new climb to the $10,000 range.
Zooming out on the weekly timeframe, weekly support & resistance is around 9500, and has been respected on the daily as well.
SUMMARY:
Daily resistances $10,000 & $10,400 need to be broken for further gains. Failure to do so would result in retrace to the $8,800 - $8,300 support area, potentially further.
Recommend longing when price breaks and successfully retests $10,400.
Once again, please do your own research. Best of luck.
- Jelle