The buying pressure intensified until reaching the two famous pivots at 6600 and 6800 USD. Nevertheless, buyers have not managed to close beyond, everything has to be redone.
- Uncertain signals
- Back in the compression figure
Buyers showed signs of weakness as the pivot approached 6800 USD. A new downtrend could start if we leave our range down.
Our analysis are entirely done on Binance charts
Bitcoin left his compression pattern yesterday before reinstating it just as quickly. The buyer movement did not break the pivots at 6600 and 6800 USD. Bitcoin has therefore reintegrated the range between 6250 and 6500 USD. A summer was formed on the 4H chart. It’s a bearish figure that indicates a reversal of trend. Nevertheless, buyers rebounded on support at 6250 USD and are now recovering. They are currently struggling to pass the MA100 and could initiate a new bullish if they manage to break it. It will, therefore, be very important in the next few hours to monitor the two new pivots at around 6250 USD and 6500 USD. These are short-term pivots, if buyers break resistance at $ 6,500, they will most likely test the mid-term pivot again at around $ 6,800. And conversely, if sellers break the support at 6250 then this will be a sign that buyers are running out of steam and that a correction will certainly begin.
How to take position?
We are still waiting for the pivot at 6600-6800 USD to be broken to resume position. Day trading between 6250 and 6500 USD remains possible, but the pullback has already taken place, it is very risky for a relatively small profit margin.
Should we expect a new correction?
Buyers must stay above 6250 USD to avoid a correction to 6000 USD and possibly a fall to 5000 USD.
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- Essentials resistances: 6600 – 6800 – 8500
- Essentials supports: 5800 – 6000 – 6250
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!