Bitcoin has left his compression figure. A bullish movement has taken over and now needs to be confirmed to pave the way for the USD 10,000.
- Pivot at 8000 USD
- Bullish weekly signals
- Compression pattern output
The closing at 7800 USD has taken place, the next target is now 8500 USD.
Our analysis are entirely done on Binance charts
The uptrend continues on Bitcoin. The resistance at 7800 USD and 8000 USD has been passed. The way is now open towards the 8500 USD. Nevertheless, our short-term profit margin remains limited. The indicators are already in overbought zone, so the push could be progressive. If we close again tonight in positive, above 8000 USD, we should be able to reach the next goal. For now, we are moving in a range between 7800 and 8500 USD. Support at 7800USD will be our point of reference downward, if the price goes below the support, a correction is possible.
How to take position?
We move in a range between 7800 and 8500 USD, we will try to enjoy a return to 8500 USD then sell once this first step reached.
Should we expect a new correction?
It doesn’t seem so. Nevertheless, if we go back under the $ 7800 pivot, we will have to prepare for a short-term correction.
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Key levels :
- Essentials resistances : 8500 – 8050
- Essentials supports : 7800
Disclaimer: This blog is only the showcase of my work. I expose to you all my personal analyzes, my personal trades, my personal investment decisions, or the positions that I judge good without taking them myself. We do not offer any investment advice and they are not trading instructions. Nevertheless, you are free to copy my judgments if you judge my work satisfactory.
It is important to note and understand that cryptocurrency trading carries serious risks. You can lose capital and more on some platforms. Take this into account and moderate your investment decisions. Never invest money that you can not afford to lose!
Reminder: The analyzes on the page cover a period of 12 to 48 hours and are optimized for Day Trading and not the long position. We give our long positions on our youtube channel.