Daily Bitcoin Update - E03

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The price of Bitcoin (BTC) had a bullish start today. The price bounced from a short-term support zone (6850.00) and is currently moving towards our strong resistance-zone at 7300.00, which is also our entry-zone for a short position.
The overall trend is still bearish, since we did not receive a proper reversal pattern yet. We do also have a bearish outlook on daily and weekly time-frame:
Therefore, we try to spot the best entry on the 4 hour time-frame.

We can see a death cross forming on the 4 hour chart appearing with the MA 50 (short-term) and the MA100 (mid/long-term). The price is also trending below the MA200 (long-term). A death cross is usually followed by a lot of volume. Please keep in mind that most of the bots trade along moving averages and crosses.

The next two candles might confirm this scenario.


Cheers,
cryptobuller

Handel aktiv:

Short: 7300.00

Kommentera:

Looks like we might see another leg up - let's see if the price manages to get past our resistance zone