BITCOIN: Two important levels to watch out

in #bitcoin5 years ago (edited)

Despite the correction seems to be done, I am not satisfied at all on regards what we can see on the 4hour-chart of BTC/USD.Certainly, BTC bottomed around 7400 USD while I was expecting 7300 USD as a good entry point (see my post of 3 days ago) but the trading volume does not differ so much from the last days and even if we are upwards, this variable seems to be stagnant nowadays... You can see how different it was when we were seeing BTC growing on early May...

However, the Volume is one of the factors to take into account when you have to take decisions but there is another much more important IMO and it is the historical data at short term now...

We can see that there are two important levels to watch out now, the Lower Support at 7550 USD, touched three times lately, and the Upper Resistance (8200 USD) also touched three times in Mid-May and on which BITCOIN seems to be moving towards...

Both lines are important right now, they give you an idea of the balance between Bulls and Bears, and it is also giving us some clues on what can happen in the short term if BTC is not able to break that Upper resistance:

If the Upper Resistance acts as so, we may expect a retest of the Lower Support on which I hope BTC would rebound strongly...if not... I am afraid we will see BITCOIN pointing towards the 6000 USD which is the target price of an ugly Head and Shoulders Pattern...

I know, I know, pure speculation? Everything will be clearer if BITCOIN breaks the Upper Resistance at 8200 USD as soon as possible but... that is asking so much for the moment...

Enjoy!

@toofasteddie


_Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information._*


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To be honest I would be happy with a 6.5k pullback. So I can load up some more. Either way everyone should by now have set their positions no matter what that may be.

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That would be a nice present indeed :-)

Fingers crossed both ways for me😊 up or down would suite me just fine.

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Muy buenas @toofasteddie!! Que tal va el camino hacia la riqueza extrema? 😝

Yo estoy petado de curro, que cada € gane ahora quien sabe cuanto pueda llegar a valer si nos viene una correccion previa al escenario esperamos como buitres😂

Aunque no haga ruido, me suelo pasar a vigilar que haces, que quiero un coche como el tuyo 😆

Te dejo un pantallazo para que cotillees lo que tengo en el grafico pero cuidado, tu siguiente coche podria no molar tanto 😂😂😂

Un saludo!!!! 😉

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Ey! Me alegro que estés por aquí cotilleando 😂😂
Parece que podríamos ver los 6000 $ si... en todo caso, nos vamos a forrar 😉

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