After closing out our Bitcoin long trade yesterday when price hit daily resistance, it's once again back to the higher time frame charts we go for today's Bitcoin analysis.
Bitcoin Analysis
So before we head to the daily chart, click the link to yesterday's analysis in the paragraph above and take a look at the hourly chart.
We closed our BTC/USD long day trade as soon as price tapped the level we're about to talk about in the daily chart below.
BTC/USD Daily:
So you don't have to be a trading wizard to have noticed this level. It's the exact spike high from June 2019.
Pretty awesome that over 12 months later, price hits the same level to the pip and rejects again. Don't let anyone tell you that simple support/resistance zones don't work!
So what next?
Well, price is now just bouncing between higher time frame zones in what I like to call no man's land and as long as we're in-between zones like this, the risk:reward isn't there to get a good entry so we just have to wait.
I know we've got a lot of long term Bitcoin holders here, but is anyone day trading?
Leave me a comment and let me know what you're looking at for your next entry.
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.
Posted Using LeoFinance Beta
I thought you'll be making your own prediction on this. I wish to know your thoughts. Trying to learn the art of day-trading and BTC-USDT is my choice pair.
Posted Using LeoFinance Beta
As long as price remains between the resistance zones I have on my daily chart in the post above, I won't be trading. I will wait until price is as close to daily support/resistance zones as I can, so my stops remain tight.
Great to hear that you're looking to earn day trading. I definitely recommend focusing on support/resistance and price action. Learn how a market moves, don't just rely on a mechanical system where your entries are determined by indicators.
When it comes to technical analysis, forex and crypto are both just charts. Head to babypips.com/school for the best free day trading education you can find online.
Posted Using LeoFinance Beta
Well done! I also keep an eye on that level (equal to the local high from 2019).
Posted Using LeoFinance Beta
I love how price just stopped right on the level (to the exact pip!).
Even after more than 12 months, the exact level remains significant.
Posted Using LeoFinance Beta