BTC (Bitcoin): Approaching Resistance
Trade setup: Price got oversold (RSI ~ 30) near 56.5K support and bounced back up. It broke back above 200-day MA (~58.7K) and above 60K key level, which signaled resumption of uptrend, and is now approaching our near-term target of 72K. Now we look for the right entry opportunity in Uptrend.
We wait for price to either 1) break above 72K to signal continuation of uptrend, with +10% upside potential to 79K next, or 2) pull back near 60K support for another swing trade entry in Uptrend with 20% upside potential back to 72K.
Pattern: Price is Approaching Resistance, which is a level where it could pause or reverse its recent advance, at least temporarily. Resistance is often a level where price got rejected in the past, or potentially prior Support level that was broken. (concept known as polarity). Once price breaks above resistance, it can advance higher to the next resistance level. Learn to trade key levels in Lesson 7.
Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up and Long-term trend is Neutral.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is 60K, then 56.5K. Nearest Resistance Zone is 72K
We wait for price to either 1) break above 72K to signal continuation of uptrend, with +10% upside potential to 79K next, or 2) pull back near 60K support for another swing trade entry in Uptrend with 20% upside potential back to 72K.
Pattern: Price is Approaching Resistance, which is a level where it could pause or reverse its recent advance, at least temporarily. Resistance is often a level where price got rejected in the past, or potentially prior Support level that was broken. (concept known as polarity). Once price breaks above resistance, it can advance higher to the next resistance level. Learn to trade key levels in Lesson 7.
Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up and Long-term trend is Neutral.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is 60K, then 56.5K. Nearest Resistance Zone is 72K
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