It's a riskier asset class as we're not looking at a slow, steady trend, this has gone between 200 to 20000 to 3000 in the past few years in a Draupner wave type pattern. Less historical data gives less support and resistance information so we must rely more on Fibonacci levels.
Price is almost at a significant Fib level now on the longer term charts and with all the 'make millions from cryptocurrencies' stories in the news price may well turn over. It struggled to get through current levels this time last year.
It has tripled in value in the last 5 months granted but now could turn over and stay rangebound for some time. The weekly chart shows this more clearly.
Having said that the monthly MAs are trending up and a sustained break of 12200 would be strongly bullish. Looking at the averages this will probably occur after some near term retracement. 2 or 3 weeks with a close above 12250 would confirm an upward break.
Strategy: try long entry at 12500, stop at 12000 (-1R), target 15000 (+2.5R)
Price is almost at a significant Fib level now on the longer term charts and with all the 'make millions from cryptocurrencies' stories in the news price may well turn over. It struggled to get through current levels this time last year.
It has tripled in value in the last 5 months granted but now could turn over and stay rangebound for some time. The weekly chart shows this more clearly.
Having said that the monthly MAs are trending up and a sustained break of 12200 would be strongly bullish. Looking at the averages this will probably occur after some near term retracement. 2 or 3 weeks with a close above 12250 would confirm an upward break.
Strategy: try long entry at 12500, stop at 12000 (-1R), target 15000 (+2.5R)