BTC/USDT Analysis. Will We See A Pullback?
Bitcoin has finally tested its 200 Day moving average dynamic support level. Which was I something I was quite looking forward to. Seeing as its quite oversold. I am looking at a Key support zone @ 38K - 
39K (200 DAY SMA). If price stabilizes and consolidates here it will be a good sign & give Bitcoin a breather in short term. Carefully keep an eye on where price closes today at day end..... A close above 
42K suggests retests of broken support turned resistance levels around 44K - 46K.
If you trade CFDs its not advisable to go however if you want to acquire some bitcoin on spot and HODL long term. Its an excellent time and opportunity to start buying.... Personally I would be sitting and monitoring price on the sidelines because I am expecting a pullback and bears to lose steam as the sellers take profit at 38K level.
39K (200 DAY SMA). If price stabilizes and consolidates here it will be a good sign & give Bitcoin a breather in short term. Carefully keep an eye on where price closes today at day end..... A close above 42K suggests retests of broken support turned resistance levels around 44K - 46K. If you trade CFDs its not advisable to go however if you want to acquire some bitcoin on spot and HODL long term. Its an excellent time and opportunity to start buying.... Personally I would be sitting and monitoring price on the sidelines because I am expecting a pullback and bears to lose steam as the sellers take profit at 38K level.
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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.