BTC - Are we about to turn the corner?
As I write this at 21:00 UTC, Bitcoin is attempting to move above the 9583 line on my previous chart which used to be the lower boundary of a trading range. For the last 11 hours BTC has been working it's way up.
When I last wrote, I mentioned that BTC had gone so low so as to put us in an area where the Fiboinacci numbers would no longer be in play. However what really happened is that BTC tested support at the Fib 0.236 line or $8739 a couple of times and then bounced upward into the trend we see at the moment.
I believe if the next 4 hour candle closes above the 9583 line then we are in a new short term up leg with a little resistance at $10,314 and more solid upward price resistance at $11611. If the price does not close above 9583 it will view that line as the upper resistance line for the time being.
I do see some weakness in the current price zone and if that happens we may form a double top here and go down a bit more.
So if I were to entertain a trade to the upside, I would not enter until the candle closed over 9583 and I would have a stop loss set at your risk tolerance level below that entry price.
Personally, at this time I think we are still going to see more price gyrations in this area with risk of going lower. So I'm going to stick with my spread strategy which is still profitable for the time being. I remain long term bullish in cryptocurrencies and short term defensive.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing.
When I last wrote, I mentioned that BTC had gone so low so as to put us in an area where the Fiboinacci numbers would no longer be in play. However what really happened is that BTC tested support at the Fib 0.236 line or $8739 a couple of times and then bounced upward into the trend we see at the moment.
I believe if the next 4 hour candle closes above the 9583 line then we are in a new short term up leg with a little resistance at $10,314 and more solid upward price resistance at $11611. If the price does not close above 9583 it will view that line as the upper resistance line for the time being.
I do see some weakness in the current price zone and if that happens we may form a double top here and go down a bit more.
So if I were to entertain a trade to the upside, I would not enter until the candle closed over 9583 and I would have a stop loss set at your risk tolerance level below that entry price.
Personally, at this time I think we are still going to see more price gyrations in this area with risk of going lower. So I'm going to stick with my spread strategy which is still profitable for the time being. I remain long term bullish in cryptocurrencies and short term defensive.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing.
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