Hi,
During the weekend the price of BTC got a small rejection downwards but climbed "up" pretty quickly. Do you think it is a good time to buy it for mid, - long-term? I will say no, it is not a good time to buy it because the area just above the current price is pretty strong and actually it will be a deciding point for further BTC movement.
At the moment, I can see that the price of BTC might climb higher to retest the area around $35000. Currently, it fights with 4-hour EMA50 which acting as a resistance and if the price manages to break above it then the strongest zone/resistance will be there pretty quickly.
The strong resistance consists of two types of trendline; the higher one will act as a resistance waiting for a third touch and the second one, lower, will also act as resistance but the type is a bit different.
We have a strong 4-hour candle break below of it. Strong candle break means it is definitely a line to keep an eye on because the price needed a strong volume to break below and now it acts as resistance because the price comes to retest it.
The crossing area consists of:
* Prementioned trendlines
* Mid-number $35000 acting as a resistance, worked previously multiple times
* Strong area around 35k, several rejections upwards and downwards, it shows that currently, it is a pretty psychological level for investors/traders
* Different Fibonacci levels
As said, currently, I don't recommend buying BTC for the mid-, long-term. Wait for the breakout of it. Wait, let the price shows that it is ready to climb higher and THEN you can act.
It is not worth taking a risk from current prices because the down pressure is still alive.
It can be also a possible selling area but we need a candlestick pattern confirmation to make another short-term sell from it. Bearish candlestick patterns what I will wait for are here
Regards,
Vaido
During the weekend the price of BTC got a small rejection downwards but climbed "up" pretty quickly. Do you think it is a good time to buy it for mid, - long-term? I will say no, it is not a good time to buy it because the area just above the current price is pretty strong and actually it will be a deciding point for further BTC movement.
At the moment, I can see that the price of BTC might climb higher to retest the area around $35000. Currently, it fights with 4-hour EMA50 which acting as a resistance and if the price manages to break above it then the strongest zone/resistance will be there pretty quickly.
The strong resistance consists of two types of trendline; the higher one will act as a resistance waiting for a third touch and the second one, lower, will also act as resistance but the type is a bit different.
We have a strong 4-hour candle break below of it. Strong candle break means it is definitely a line to keep an eye on because the price needed a strong volume to break below and now it acts as resistance because the price comes to retest it.
The crossing area consists of:
* Prementioned trendlines
* Mid-number $35000 acting as a resistance, worked previously multiple times
* Strong area around 35k, several rejections upwards and downwards, it shows that currently, it is a pretty psychological level for investors/traders
* Different Fibonacci levels
As said, currently, I don't recommend buying BTC for the mid-, long-term. Wait for the breakout of it. Wait, let the price shows that it is ready to climb higher and THEN you can act.
It is not worth taking a risk from current prices because the down pressure is still alive.
It can be also a possible selling area but we need a candlestick pattern confirmation to make another short-term sell from it. Bearish candlestick patterns what I will wait for are here
Regards,
Vaido
Note
...and what I said?!Do not rush and hopefully you didn’t! Market got rejection from 35k but I think it will try it again.
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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.