Buyers stay above the MA100 on the daily chart.
- Compression figure output
- Gain margin
- Untouched trend
The upward trend is still intact despite the slowdown of the last days. A new impetus could lead us to dynamic resistance at 7800 USD.
Our analysis are entirely done on Binance charts
Bitcoin evolves in a compression figure between 6300 and 7600 USD. A short-term uptrend has formed and buyers are struggling to stay above the MA100. Nevertheless, a slowdown began as soon as Bitcoin reached resistance at $ 7200 blocking buyers. The signals remain bullish on the indicators and in the short term, an uptrend is clearly in formation. Thus, Bitcoin could join the dynamic resistance to 7700 USD in the coming days if buyers manage to stay above the MA100. On the other hand, if the MA100 has gone down again, a return to 6350 USD remains possible.
How to take position?
We will position ourselves on the dynamic support of the short-term uptrend we are following for a return to $ 7600.
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- Essentials resistances: 7200 – 7600 – 7800
- Essentials supports: 6600 – 6800 – 7000
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!