Hello All,
I am a stock trader by heart and have been into Crypto since 2015. I made my thousand in crypto before I did in stocks. I have been trading for a little over 7 years now I mainly use chart patterns and TA as my judgement of price.
I am gonna hop back on the BTC | XRP wave here and give you my 2 cents.
BTC established a bullish trend channel as shown, I have 20EMA, 8EMA as short term support areas/resistance areas. 50SMA & 200SMA as support. the midline of the channel can act as support if traders feel like that is a good place to buy. With respects to the order book I think 16.5k and 15.5k are the most important levels to hold as if they don't hold those I think this will be a double top and we go back down to 50SMA support around 14k where you could re-enter for a bounce back to around 16k. I think we trade sideways until the weekend. I want to see 17.1k to break and hold then go back in the 18,000's to break double top. I would love to see BTC actually make new highs. We were overbought and need a healthy pull back but now we need to recover more than ever or we will just see history repeat itself.
Yellow marks are support of 50sma and mid-channel that can act as support
I am a stock trader by heart and have been into Crypto since 2015. I made my thousand in crypto before I did in stocks. I have been trading for a little over 7 years now I mainly use chart patterns and TA as my judgement of price.
I am gonna hop back on the BTC | XRP wave here and give you my 2 cents.
BTC established a bullish trend channel as shown, I have 20EMA, 8EMA as short term support areas/resistance areas. 50SMA & 200SMA as support. the midline of the channel can act as support if traders feel like that is a good place to buy. With respects to the order book I think 16.5k and 15.5k are the most important levels to hold as if they don't hold those I think this will be a double top and we go back down to 50SMA support around 14k where you could re-enter for a bounce back to around 16k. I think we trade sideways until the weekend. I want to see 17.1k to break and hold then go back in the 18,000's to break double top. I would love to see BTC actually make new highs. We were overbought and need a healthy pull back but now we need to recover more than ever or we will just see history repeat itself.
Yellow marks are support of 50sma and mid-channel that can act as support