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Did you buy the dip? Swing Trading Analysis
Good afternoon Everyone!
What a crazy end to the month for bitcoin. Options expiring, panic, and a huge price bounce to the upside.
Recalling from my last post, I had said bitcoin was heading down. Where? Well, I stated to around the 51-45k level (which was where our 50MA was at the time). We bounced perfectly off the 50MA at 50k. I hope you all took advantage of the dip! So, the question is: Where are we headed from here?
So far, our 12-hour timeframe is looking spicy. We had a MACD cross over and a close above the 57.3k weekly resistance and previous down trend channel. We also have confirmation on an inverted Head and shoulders bullish pattern with a close above the neckline of 57.3k. Our daily timeframe is so far showing a potential close above 57.3k resistance and slowing momentum on the selling side of MACD. MACD is also looking like it wants to cross over. I would say things are looking up!
What are my targets? Well short-term targets are 64k. I’d look for some push back here to around the 61-62k level and more than likely continuation to the 80k level.
As always, manage your risk accordingly, be patient, and good luck trading!
What a crazy end to the month for bitcoin. Options expiring, panic, and a huge price bounce to the upside.
Recalling from my last post, I had said bitcoin was heading down. Where? Well, I stated to around the 51-45k level (which was where our 50MA was at the time). We bounced perfectly off the 50MA at 50k. I hope you all took advantage of the dip! So, the question is: Where are we headed from here?
So far, our 12-hour timeframe is looking spicy. We had a MACD cross over and a close above the 57.3k weekly resistance and previous down trend channel. We also have confirmation on an inverted Head and shoulders bullish pattern with a close above the neckline of 57.3k. Our daily timeframe is so far showing a potential close above 57.3k resistance and slowing momentum on the selling side of MACD. MACD is also looking like it wants to cross over. I would say things are looking up!
What are my targets? Well short-term targets are 64k. I’d look for some push back here to around the 61-62k level and more than likely continuation to the 80k level.
As always, manage your risk accordingly, be patient, and good luck trading!
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