Bitcoin Testing Daily Resistance Zone

LeoFinance
15 days ago
1 Min Read
223 Words

Direct from the desk of Dane Williams.



Now let's go back to putting support and resistance trading strategy to use with some daily analysis.

While I say it's a forex trading course, the exact same principles apply to crypto and after a few weeks ago asking where's your next Bitcoin entry, the recent price action is worth a look.


Bitcoin Analysis

So since I asked that question, Bitcoin has obviously popped higher and the bulls have taken full control of the market.

But take a look at today's Bitcoin price on the daily chart below.

BTC/USD Daily:
btcusdd1updated.png

Price has reached our next zone of higher time frame resistance. A zone you can see on the following chart that I've scrolled back to show:

BTC/USD Daily 1:
btcusdd1old.png

With price capped by higher time frame resistance, we're looking to only be trading Bitcoin from the short side.

So zoom into an hourly chart, find the first area of short term support and when its retested as resistance short the market.

This one looks like it's going to pull back at least a little.


Ah, it's good to be back posting real world analysis.

Best of probabilities to you,

Dane.



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