Bitcoin is still in the range between $ 6,000 and $ 6,600. The short-term trend remains slightly bullish despite the downtrend.
- Resistance reached
- Bullish signals
- Untouched background trend
- Short-Term compression pattern
The trend remains uncertain on Bitcoin, a new compression figure has formed in the short term. Its outcome will determine the direction of the next movement.
Our analysis are entirely done on Binance charts
The trend remains uncertain in the market, buyers have failed to break the pivot at 6600 USD. Nevertheless, the uptrend in the short term is still intact. The courses have formed a compression figure, an ascending triangle, it is a bullish figure, the pressure of the buyers is accentuated over the hours on the pivot to 6600 USD. If they manage to break it, we will go and test a last pivot at 6800 USD. A priori, we should not spend them in the next 24 hours. Nevertheless, when they are over, we will resume our position for a return to 8500 USD. As long as this pivot has not passed, we remain exposed to a return to 5000 USD, it is better to be careful and wait a few more hours, we are under a major resistance.
If prices fall again, buyers will find support around 6000 and 5800 USD. These are the two bearish pivots. Nevertheless, to reach them, the sellers will have to break the support at 6350 and thus leave the compression figure. For now, the probabilities are in favor of a return to the rise.
How to take position?
We are waiting for the pivot at 6600-6800 USD to take a position.
Should we expect a new correction?
Buyers must stay below the 6000 USD to avoid a correction to 5000 USD.
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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.