Yesterday we identified a renewed buying pressure on the pivot at 6600 USD and a compression figure in the very short term.
- Bullish signals
- Untouched background trend
- Short-Term compression figure
The bottom uptrend is still intact, buyers are struggling to break the pivot at 6600 USD.
Our analysis are entirely done on Binance charts
The trend is still uncertain in the market. Bitcoin has not managed to leave the range between $ 6,000 and $ 6,600. Buyers and sellers are fighting a relentless battle. Indeed, these two pivots are essential. If we break one of them, a large movement will begin. As we had seen a few days ago, if we leave the channel down, we will join the 5000 USD. And conversely, if we leave it on the rise, we will join the resistance at 8500 USD. For now, the pressure is buying. Buyers are trying to pass the $ 6600 resistance with the support of a compression figure, and positive signals. Nevertheless, no one at the moment can say that the buyers will have it. I therefore recommend to remain patient, and very attentive to these two pivots. Day trading between 6000 and 6600 USD is possible, of course, but very risky given the risk of relapse to 5000 USD.
How to take position?
We are waiting for the pivot at 6600-6800 USD to be taken back to position. Or conversely, a break below the 6000 USD.
Should we expect a new correction?
Buyers must stay below the 6000 USD to avoid a correction to 5000 USD.
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- 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.