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BTCUSD Technical and Fundamental Analysis
A very Good Morning to everyone! Hope everyone achieved their take profits today = ) and remember to like and follow if you enjoyed what you see!
On the daily D and H1 Time frame, BTCUSD seems to be doing well as I expected, breaking out of the channel with strong buying pressure as described in my previous post.
Now we look towards for BTCUSD to retest @ 10300 resistance line, a safe LONG opportunity would see us a closing BULLISH candle pattern above @ 10350, and for more moderate traders who want to be really safe: a close above 10500, a peak that was last touched but rejected in Mid - Febuary 2020.
To watch for:
- A close above 10500 --> LONG opportunity to next resistance levels @ 12081 and @ 13000, the historical highs that were last touched in July-Aug 2019 but proved to be a major resistance level to be retested again
- A rejection at the 10400-10500 level (nearest minor resistance level) would see us a SHORT opportunity to targets of nearest support level @ 9518 or even lower @ 8500 --> Would wait to see a rebound from those levels after that in that case
(Personally I would not take any short positions with the halving only a few days away, do not want to risk a sudden spike or bull run)
Technical Indicators (LONG/BUY):
- MACD showing us a bullish green
- Stochastics pointing out a very BULLISH pattern with points high above the 80 benchmark --> 91.88 at the moment
Overall, the odds are in the favors of a strong BULL.
Here are my two cents for BTCUSD, hope y'all enjoyed what I shared. Feel free to comment and feedback! = )
Regards,
Gol D Roger,
A humble beginner trader
On the daily D and H1 Time frame, BTCUSD seems to be doing well as I expected, breaking out of the channel with strong buying pressure as described in my previous post.
Now we look towards for BTCUSD to retest @ 10300 resistance line, a safe LONG opportunity would see us a closing BULLISH candle pattern above @ 10350, and for more moderate traders who want to be really safe: a close above 10500, a peak that was last touched but rejected in Mid - Febuary 2020.
To watch for:
- A close above 10500 --> LONG opportunity to next resistance levels @ 12081 and @ 13000, the historical highs that were last touched in July-Aug 2019 but proved to be a major resistance level to be retested again
- A rejection at the 10400-10500 level (nearest minor resistance level) would see us a SHORT opportunity to targets of nearest support level @ 9518 or even lower @ 8500 --> Would wait to see a rebound from those levels after that in that case
(Personally I would not take any short positions with the halving only a few days away, do not want to risk a sudden spike or bull run)
Technical Indicators (LONG/BUY):
- MACD showing us a bullish green
- Stochastics pointing out a very BULLISH pattern with points high above the 80 benchmark --> 91.88 at the moment
Overall, the odds are in the favors of a strong BULL.
Here are my two cents for BTCUSD, hope y'all enjoyed what I shared. Feel free to comment and feedback! = )
Regards,
Gol D Roger,
A humble beginner trader
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