BTCUSD - Bullish Continuation - Three lines to rule them all
Greetings friends,
Hope you all have a good weekend. Bitcoin has been in a bullish trend since April 5, this is further confirmed with RSI crosses above the mid-line.
Many are waiting to short the 7.8K resistance and this is a reasonable entry for short. However, on lower timeframe Bitcoin has been lingering below the resistance without breaking down. Hence, I expect 7.8K will not hold if Bitcoin decided to breakout to the upside. Hence, 8.5K resistance will be a better entry for short. Nevertheless, it is advised not the enter short right away since the trend is still bullish. As it is wise to not countertrade the trend, instead one should go for long until the trend turns bearish.
The invalidation for the above scenario will be a close below 7.3K support, and this will indicate the top for Bitcoin might be in.
If you find my analysis useful, like and subscribe are greatly appreciated.
Disclaimer: I am not a financial advisor and you should always do your own research before engaging any trade.
Hope you all have a good weekend. Bitcoin has been in a bullish trend since April 5, this is further confirmed with RSI crosses above the mid-line.
Many are waiting to short the 7.8K resistance and this is a reasonable entry for short. However, on lower timeframe Bitcoin has been lingering below the resistance without breaking down. Hence, I expect 7.8K will not hold if Bitcoin decided to breakout to the upside. Hence, 8.5K resistance will be a better entry for short. Nevertheless, it is advised not the enter short right away since the trend is still bullish. As it is wise to not countertrade the trend, instead one should go for long until the trend turns bearish.
The invalidation for the above scenario will be a close below 7.3K support, and this will indicate the top for Bitcoin might be in.
If you find my analysis useful, like and subscribe are greatly appreciated.
Disclaimer: I am not a financial advisor and you should always do your own research before engaging any trade.
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