BTCUSDT, Daily Technical Analysis (Thursday, 13 Feb 2020)
BTCUSDT, Daily Technical Analysis (Thursday, 13 Feb 2020)
Bitcoin BTCUSDT moved sideways in the price zone above 10,200 and below 10,500.
The trend of BTCUSDT is still increasing
Chart structure shows gradually increasing peaks and troughs.
The BTCUSDT move in the bullish channel
This is also an additional confirmation for the uptrend.
BTCUSDT is touching the upper edge of the upward channel
Therefore, it may encounter resistance, making it harder to increase strongly.
The candlestick pattern created shows that Bitcoin is entering a consolidation zone
Can see the candles starting to move sideways
Candles are having a long upper and lower shadow, a small body, and a decreasing volume.
This accumulation will often lead to the next boom (pull back more than up now)
CONSIDER:
- Buying in BTCUSDT is still more trendy than selling.
- However, this trend that has gone so far, may have pull back.
- Avoid the possibility of it creating a bull trap, price may jump upwards and then falling back
- Should limit buying when BTCUSDT breakout up to continue the trend (should not buy stop $10500)
- Should wait for a little deep down and then buy (wait to buy limit $10150 - $9800)
- For BTCUSDT short, there are no signs to enter, so just wait, there is no need to be impatient.
- It is still in Uptrend, do not short.
Bitcoin BTCUSDT moved sideways in the price zone above 10,200 and below 10,500.
The trend of BTCUSDT is still increasing
Chart structure shows gradually increasing peaks and troughs.
The BTCUSDT move in the bullish channel
This is also an additional confirmation for the uptrend.
BTCUSDT is touching the upper edge of the upward channel
Therefore, it may encounter resistance, making it harder to increase strongly.
The candlestick pattern created shows that Bitcoin is entering a consolidation zone
Can see the candles starting to move sideways
Candles are having a long upper and lower shadow, a small body, and a decreasing volume.
This accumulation will often lead to the next boom (pull back more than up now)
CONSIDER:
- Buying in BTCUSDT is still more trendy than selling.
- However, this trend that has gone so far, may have pull back.
- Avoid the possibility of it creating a bull trap, price may jump upwards and then falling back
- Should limit buying when BTCUSDT breakout up to continue the trend (should not buy stop $10500)
- Should wait for a little deep down and then buy (wait to buy limit $10150 - $9800)
- For BTCUSDT short, there are no signs to enter, so just wait, there is no need to be impatient.
- It is still in Uptrend, do not short.