BTC/USD DAILY CHART
BTC is currently trading 53% of its all time high of last year. To say that it has had a phenomenal run since its inception is an understatement to say the least. To try and find some clarity in what is currently going on with BTC we will be having a look at the daily price action.
The one thing that is very clear from the chart is that there is a very strong descending resistance level. This piece of information on its own is almost enough to go by when making a decision too go long on BTC. In my view until there is a clear break of this resistance it would probably be better to sit on the side lines and wait for the confirmed break of the trend-line.
The second piece of information to look at is the ascending support level. To me BTC will only be seriously bearish if the price action confirms a break of the support.
Looking at the stochastic it is apparent that the chart is not yet oversold with no buy zone grouping being shown. Thus the target of $8000 as a test of the support is not unlikely.
I will be not be adding to my position until we have a confirmed break of the resistance level. At this point the target levels are as shown on the graph.
The one thing that is very clear from the chart is that there is a very strong descending resistance level. This piece of information on its own is almost enough to go by when making a decision too go long on BTC. In my view until there is a clear break of this resistance it would probably be better to sit on the side lines and wait for the confirmed break of the trend-line.
The second piece of information to look at is the ascending support level. To me BTC will only be seriously bearish if the price action confirms a break of the support.
Looking at the stochastic it is apparent that the chart is not yet oversold with no buy zone grouping being shown. Thus the target of $8000 as a test of the support is not unlikely.
I will be not be adding to my position until we have a confirmed break of the resistance level. At this point the target levels are as shown on the graph.
