well, i am not used to publishing so many ideas and this is the second one today. it's a personal record for me, but i wanted to share my ideas with my fellow traders.
anyway it's based on simple MAs and as you can see, in 4H time frame MA50 and MA200 are pretty much submerged together; they used to act as resistance during last week and kept us in range below 9250, but at the time of writing we are above them both, so we could count on them acting as good support. nothing is written in stone with BTC, but it's good to know that there is some support below to cushion the blow. another interesting point is that MA50 is still below MA200 which is not a good sign and can hinder any further growth, unless they form a golden cross within coming days which seems possible given the direction MA50 is moving towards.
right now the prospect of S&P500 doesn't seem good ( a decline around 0.5% could be on the horizon) so i wouldn't expect BTC to grow so much today. after all they have been Best Buds during last 3-4 months.
so i expect a price range between 9230-9350 for today unless something really unpredictable happens; which is BTC's normal. if that happens we'll call it just Wednesday in BTC land.
So trade safe, use your stop-loss and don't listen to anyone's advice especially me; it's your money, so it would be your own decision.
anyway it's based on simple MAs and as you can see, in 4H time frame MA50 and MA200 are pretty much submerged together; they used to act as resistance during last week and kept us in range below 9250, but at the time of writing we are above them both, so we could count on them acting as good support. nothing is written in stone with BTC, but it's good to know that there is some support below to cushion the blow. another interesting point is that MA50 is still below MA200 which is not a good sign and can hinder any further growth, unless they form a golden cross within coming days which seems possible given the direction MA50 is moving towards.
right now the prospect of S&P500 doesn't seem good ( a decline around 0.5% could be on the horizon) so i wouldn't expect BTC to grow so much today. after all they have been Best Buds during last 3-4 months.
so i expect a price range between 9230-9350 for today unless something really unpredictable happens; which is BTC's normal. if that happens we'll call it just Wednesday in BTC land.
So trade safe, use your stop-loss and don't listen to anyone's advice especially me; it's your money, so it would be your own decision.