If you find this technical analysis useful, please like & share our ideas with the community. Coming to the technical analysis of BITCOIN, BTC has been stuck in a range from past 3 months. After a gap, we’ve been seeing a strong bullish move from past few days & it jumped back above $32000 mark. Right now, it is trading near $34000 mark. However, I’m still not convinced that Bitcoin is out of bearish trend until it crosses the crucial $35000 mark. Now we got a strong rejection & impulse to the downside from $34400 mark, which is also a fresh supply area. I think this is it! Now is the right time to go short. If you’ve missed the opportunity, there is a good chance you might get an another sell opportunity when it get retested from the supply area. You can place the stops above $34500 mark. Based on 4HR Chart, the price already got tested too many times at previous demand area. So definitely that level is not gonna hold that level again if price comes to that area.
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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Which do you think is more likely to happen? Please share your thoughts in comment section. And also give a thumbs up if you find this idea helpful. Any feedback & suggestions would help in further improving the analysis.
Good Luck!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.