BTC - The significance of the 7.8-7.7 lvl, Of Bulls and Bears
After all the support and resistance level have been accounted for, it seems that there is no strong support for BTC between 7.7 and 6.9. Until BTC decides what it wants to do, I am definitely seeing some decent signs of bullish price movement for now:
As for the bearish case, There are several things that make me wary of just market buying at current level and going long:
Fell beneath previous month-long trend line resistance
Historically, when BTC dumps hard, a growth in volume and seeming divergence-convergences on the MACD seem to happen but only leading to a fake-out
I believe we can bounce from here and have filled my longs. However, my SL is very tight and if we stay too much on this current support then I am out of the trade.
- Bullish divergence on the RSI
- MACD Keeps wanting to crossover
- Volume picking up, despite downtrend
As for the bearish case, There are several things that make me wary of just market buying at current level and going long:
Fell beneath previous month-long trend line resistance
Historically, when BTC dumps hard, a growth in volume and seeming divergence-convergences on the MACD seem to happen but only leading to a fake-out
I believe we can bounce from here and have filled my longs. However, my SL is very tight and if we stay too much on this current support then I am out of the trade.