Bitcoin is in a triangle. This may turn out to be a descending or symmetrical triangle, but right now it seems to be more symmetrical than parallel. We can look for a short position at a test of resistance or here, with a stop loss at crossing the resistance, or a long position at support and a stop loss when we break below it.
I do believe in the long term we will test the 7600-7500 range again, and then maybe back up to the 8600 levels, but for now the price needs to cool down for some time before testing the 200 MA again.
That will be all for this Bitcoin analysis!
As always friends, I wish you good luck trading!
And thank you for supporting me.
-Trader Demo
I do believe in the long term we will test the 7600-7500 range again, and then maybe back up to the 8600 levels, but for now the price needs to cool down for some time before testing the 200 MA again.
That will be all for this Bitcoin analysis!
As always friends, I wish you good luck trading!
And thank you for supporting me.
-Trader Demo
Comment:
Looking like it may break to the upside, look for a long position if it crosses resistance with a strong candle.