Bitcoin: Resistance reached, buyers vacillate

Buyers joined the pivot at $ 6,600 without being able to pass it. A bearish turnaround has begun but the uptrend is still intact. 

 

Bitcoin

Highlight Keys

  • Resistance reached
  • Bullish signals
  • Untouched background trend
  • Risk of return to the support

 

The buyers managed to join the dynamic resistance mentioned yesterday. Nevertheless, a bearish reversal has begun and could lead the market once again to its support at 5800 USD.

Our analysis are entirely done on Binance charts

The signals are still bullish on our indicators but the buyers seem to lose control of the market. We do not take position until the resistance has passed. Indeed, we are still evolving in the compression figure that we follow since January 2018. For the moment, the trend remains bearish and a return to 5000 USD remains possible until we return to the pivot. Prices are always limited by the range between 6000 and 6600 USD. It is possible to exploit it in day trading, but as long as we have not left it, we remain exposed to a new correction. 

How to take position?

We are waiting for the pivot at 6600-6800 USD to take a position. 

Doit on s’attendre à une nouvelle correction ? 

Buyers must stay below the 6000 USD to avoid a correction to 5000 USD. 

 

 

Key Levels  : 

  • Essentials resistances :   6600 – 6800 – 8500
  • Essentials supports :  5800 – 6000 – 6500

 

 

 

 

 

 


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.

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