Hi guys. BTC is struggling with a strong resistance which is the 200 EMA in 2h chart. The question is what is the next move? looking at the 2h chart, the answer is that there is another drop possibility just like what was happen several times before in the past 20 days. However, before judging, let's have a look on a bigger picture. In the following chart you can see the weekly chart which presents that BTC is on a strong support of 100 EMA. Paying more attention, you can see the doji which is forming in this week (we need to wait one more day to be sure) which indicates that BTC doesn't want to go lower at least for a while from now.
On the other hand, you can see a cross in the 2h chart which is another sign of coming up-trend. So, I think that the break-out of the current resistance is possible this time and the possible movement is depicted in the chart. The final target is 8k which is a bit higher than present weekly 50 EMA. We do need a strong candle to break out the resistance of 7200 (200 EMA) which will confirm the up-trend and, in this case, the pullback will be a good entry point. The stop-loss can be set below 7100 which is a bit higher than current weekly 50 EMA.
Always do your own research before trading my ideas!
Good Luck!!
On the other hand, you can see a cross in the 2h chart which is another sign of coming up-trend. So, I think that the break-out of the current resistance is possible this time and the possible movement is depicted in the chart. The final target is 8k which is a bit higher than present weekly 50 EMA. We do need a strong candle to break out the resistance of 7200 (200 EMA) which will confirm the up-trend and, in this case, the pullback will be a good entry point. The stop-loss can be set below 7100 which is a bit higher than current weekly 50 EMA.
Always do your own research before trading my ideas!
Good Luck!!
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We past the first resistance with a strong candle. Now, we are challenging the EMA200 of 4h. Let's see what happens. I think we can also pass this one.Trade active
This resistance was also broken out. The most important thing in trading is to keep the loss risk low. So, I prefer to move my stop-loss and set it below the EMA200 in the 4h chart.Specially because of the strong resistances of daily chart which may be failed to pass.
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We are still bullishTrade active
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.