To get maximum gain in Bitcoin moves, we must turn to the Bitcoin mining companies for they yield leveraged moves to the upside or downside of Bitcoin. Hut 8 Mining is shown here with support and resistance with rejection at the 200DMA.
Ideally we want to see price find support at lower trendline or if it breaks lower we seek for a swing low on a daily timeframe for trend change. Closing above the pink resistance & 10DMA means the daily cycle has turned bullish.
Red Flag: If price goes lower than $1.21 the major trend becomes bearish, we will be looking for lower highs & lower lows for the weekly trend. Since Bitcoin miners yield higher returns in short time frames, one is best to trade these level to level consistently taking profit.
Ideally we want to see price find support at lower trendline or if it breaks lower we seek for a swing low on a daily timeframe for trend change. Closing above the pink resistance & 10DMA means the daily cycle has turned bullish.
Red Flag: If price goes lower than $1.21 the major trend becomes bearish, we will be looking for lower highs & lower lows for the weekly trend. Since Bitcoin miners yield higher returns in short time frames, one is best to trade these level to level consistently taking profit.
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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.
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.