Bitcoin party hasn't started yet - market near major resistance
Updated
Today there was great news for the crypto market and bitcoin. The Bakkt future has been approved and is expected to start first tests in July twitter.com/Bakkt/status/1127938136070328322. Many investors have been waiting for this. Another great news is that Starbucks, Nordstrom and Whole Food accept now bitcoin as payment method (forbes.com/sites/michaeldelcastillo/2019/05/13/starbucks-nordstrom-and-whole-foods-now-accept-bitcoin-just-dont-ask-them/?ss=crypto-blockchain
But:
The market is close to a significant resistance (8000-8200$) and must first overcome it so that bitcoin is above the long-term trend line again, only then I see a real chance for an upward trend as soon as the weekly candle closes above the trend line.RSI is already heavy overbought which indicates an soon small correction.
If the 8200 $ resistance breaks up the next stop is near 10.000 $ and the party can start :) . If the current weekly candle close within or under drawn resistance I expect first another retest of 6000 $ area before next bigger up movements.
Short from 7950 to 8100 $ with stop loss above 8400 $ - take profit 1 --> 7100 $ & take profit 2 --> 6200 $
But:
The market is close to a significant resistance (8000-8200$) and must first overcome it so that bitcoin is above the long-term trend line again, only then I see a real chance for an upward trend as soon as the weekly candle closes above the trend line.RSI is already heavy overbought which indicates an soon small correction.
If the 8200 $ resistance breaks up the next stop is near 10.000 $ and the party can start :) . If the current weekly candle close within or under drawn resistance I expect first another retest of 6000 $ area before next bigger up movements.
Short from 7950 to 8100 $ with stop loss above 8400 $ - take profit 1 --> 7100 $ & take profit 2 --> 6200 $
Trade active
short trade is activeTrade closed: target reached
trailing stop
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
Related publications
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.