BITCOIN has perfectly reached the support level at $10300 and finished a downward Eliott 1-5 cycle. At the moment I can't see any premises of the trend reversal to downward, so we can expect some upward movements to the $12500 resistance. In case it will be broken - the price will go further upward and face another resistance only at $13890. However, if the price wouldn't be able to break this resistance, more likely it would fall lower to supports $11450 and $10500.At the moment the market came into a local bullish phase, so it is more profitable to look forward LONG entry points, rather than SHORT ones. So, it is good to buy in the zone of $11400 - $11800. We can see some long squeeze spike, so it would be better to place Stop Loss below the $11100 level.
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Note
As we've expected, the price was rejected from the $12500 level, but the support at ±$11500 wasn't broken, so at the moment Bitcoin is in the ascending (-up) trend. There is a big resistance above the price level, it is located in the zone $12500 - $13000. This resistance will tighten with time, but at the moment we have a wide trade corridor. The target of the local upward movement is very clear - $12500 and then $13000
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Klondike Official Links:
Website:
klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Twitter:
twitter.com/Robert_Klondike
Trade on Bybit with us:
partner.bybit.com/b/6694
Website:
klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Twitter:
twitter.com/Robert_Klondike
Trade on Bybit with us:
partner.bybit.com/b/6694
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.