The bulls did not have enough strength in the current market conditions and the price was able to move down a lot with little volume. I has broken the up trend channel is retracing down.
What does this mean? The price has lost a major support. There are 2 major resistance above the current price, outlined by the RED zone and the major supports are painted as green zones.
We believe that the next best trade trade opportunity for us would come based on the next few moves.
1. If price moves back up with little volume and tests the $6.5k ranges, will look for a short.
2. If price moves to $5.8 ranges, we would not look to trade there, rather watch how the weekly supports holds for the weekend.
3. If price drops to low $5K region, we would look to accumulate in the long term.
4. If price drops to low $4K ranges again, we would start to look for Long opportunities.
With #Coronavirus, the traditional markets are not holding up, if #bitcoin manages to hold it's value better, that would show some strength in the long term for #btc.
Make the most of the current situationl, enjoy this time with your family at home, something most did not have the luxury of doing before!
Learn and become better traders! Happy Trading Folks :)
What does this mean? The price has lost a major support. There are 2 major resistance above the current price, outlined by the RED zone and the major supports are painted as green zones.
We believe that the next best trade trade opportunity for us would come based on the next few moves.
1. If price moves back up with little volume and tests the $6.5k ranges, will look for a short.
2. If price moves to $5.8 ranges, we would not look to trade there, rather watch how the weekly supports holds for the weekend.
3. If price drops to low $5K region, we would look to accumulate in the long term.
4. If price drops to low $4K ranges again, we would start to look for Long opportunities.
With #Coronavirus, the traditional markets are not holding up, if #bitcoin manages to hold it's value better, that would show some strength in the long term for #btc.
Make the most of the current situationl, enjoy this time with your family at home, something most did not have the luxury of doing before!
Learn and become better traders! Happy Trading Folks :)
Smart Crypto Association [ SCA ]
