Hello guys,
BTC is in a very interesting technical situation. After the important rise of last days, it is remaining in the range between 7450/7600 USD (R1), representing an interesting level of volume accumulation. If this congestion was broken up, probably prices could rise to 7800 USD (R2) area and then around 8000 USD (R3), since it is a psycological level.
Volume is not particularly interesting but it is quite normal when an instrument is in a congestion range.
Indicators, especially on the 2h chart, are set to substain a further climb.
Instead, if BTC is not strong enought to break the recent highs, breaking down 7340 USD (S1), it likely comes back to 7200/7160 USD (S2) area or even to 7050 USD (S3).
This second scenario is less probable, in my opinion, but not impossible.
To sum up:
- If price break 7600 $ R1----> R2 7800 $----> R3 8000 $,
- if break down 7340 $ S1----> S2 7200/7160 $----> S3 7050 $
***This analysis is not a buy or sell advice, it is drawn up for educational purpose ony***
BTC is in a very interesting technical situation. After the important rise of last days, it is remaining in the range between 7450/7600 USD (R1), representing an interesting level of volume accumulation. If this congestion was broken up, probably prices could rise to 7800 USD (R2) area and then around 8000 USD (R3), since it is a psycological level.
Volume is not particularly interesting but it is quite normal when an instrument is in a congestion range.
Indicators, especially on the 2h chart, are set to substain a further climb.
Instead, if BTC is not strong enought to break the recent highs, breaking down 7340 USD (S1), it likely comes back to 7200/7160 USD (S2) area or even to 7050 USD (S3).
This second scenario is less probable, in my opinion, but not impossible.
To sum up:
- If price break 7600 $ R1----> R2 7800 $----> R3 8000 $,
- if break down 7340 $ S1----> S2 7200/7160 $----> S3 7050 $
***This analysis is not a buy or sell advice, it is drawn up for educational purpose ony***
Comment:
Saturday I tried a short without fortune, with a small loss of about 1%. At the moment, I think it's better to wait for the break of 7800$.
Trade active:
Long signal triggered and first target reached and first half of position sold. Stop loss rised to 7800$ In case of breaking of 8000$ next target at 8250$ with the second part of position
Trade closed: target reached:
Second half sold at 8230$