Looking at the daily chart, BTC has been trading sideways for almost two weeks now. This is a good sign that the buyers and sellers in this market are finally settling on a value level for BTC. There are a ton of people still posting charts of giant head and shoulders patterns, inverse head and shoulders patterns, and downtrends that do not seem valid anymore. Patterns should completely meet every qualification before they can be applied. There really is no evident pattern here with BTC's daily chart.
We do have some important price support and resistance levels though. Currently, BTC is hanging around the $6500 - 6600 level of support (shown in blue). The blue circles to justify the placement of the support level.
BTC has very heavy resistance around the $8000 level (shown in pink) and around $9500 above that. Pink circles justify the placement of the resistance level.
The MACD showed a very weak bullish crossover a few days ago and there is not much reason to buy that crossover at this point.
BTC has been hanging under the 50 EMA (in yellow) for a while now. If BTC crosses over that 50 EMA that would be an extremely bullish signal, obviously.
Overall it looks as though the sell side volume is dying off and this market is slowly its losing sellers. Crypto is a very reactive market so it is even more imperative now to keep up with the headlines and any big news to catalyze this market.
It seems like a good idea to accumulate some positions right now at this level and maybe put some stop losses around $6000, but that is not advice, just my personal opinion.
Good luck trading, have a good one!
We do have some important price support and resistance levels though. Currently, BTC is hanging around the $6500 - 6600 level of support (shown in blue). The blue circles to justify the placement of the support level.
BTC has very heavy resistance around the $8000 level (shown in pink) and around $9500 above that. Pink circles justify the placement of the resistance level.
The MACD showed a very weak bullish crossover a few days ago and there is not much reason to buy that crossover at this point.
BTC has been hanging under the 50 EMA (in yellow) for a while now. If BTC crosses over that 50 EMA that would be an extremely bullish signal, obviously.
Overall it looks as though the sell side volume is dying off and this market is slowly its losing sellers. Crypto is a very reactive market so it is even more imperative now to keep up with the headlines and any big news to catalyze this market.
It seems like a good idea to accumulate some positions right now at this level and maybe put some stop losses around $6000, but that is not advice, just my personal opinion.
Good luck trading, have a good one!