Bitcoin Local Resistance +How To Trade

30 בינו׳ 2022

Bitcoin (BTCUSD) has reached local resistance, we can see this thanks to the candlestick charts.

Notice back in Jan. 26, we have a strong rejection at "Local resistance".

Yesterday afternoon, BTCUSD hit the same level, marked in yellow here, just to be rejected again on two long upper wicks.
We also have a lower high recently compared to 26-Jan.

If BTCUSD can break above local resistance on the 1H timeframe, we can expect higher prices (green arrows).
Staying below resistance can signal that lower prices are possible (red arrow).

How To Trade?

This is a very easy setup.

One can short this setup with a close above the local resistance as the stop-loss and the last low as target.

This is not financial advice.
Remember to build your own plan and do your own research before trading.

Thanks for reading.

Namaste.