Cryptopediauk - BTC Long and Short
BTC has just seen a weekly push up, near enough an Marubozu, at which point BTC was over valued, hence the indecision candle of last week 08-04-2019. This week we can see that BTC has come down to test the supports:
Daily 20 day Moving average
The 1 and the 4 month 10 Day Average
The 2 week 20 day Moving Average
And the weekly Upper Bollinger Band which represented the level of Support needed to to be tested last week.
All of these levels line up between $4,900 and $5,000, which is also a key psychological level of support.
This week, we should see BTC push further upwards towards the higher region on minor resistance $5,427 - $5,799.
However, this is a minor a resistance zone.
As Cryptocurrencies are "volatile" i.e. mostly traded as a result of FOMO right now. We can expect a further push up towards atleast $5,9000 - $6,000.
HOWEVER.
As it is only Wednesday, momentum could build today and tomorrow, leading to a spike upwards to $6,600 before a sharp rejection down, closing below or rather at, $6,000 - This ($6,900) would be a PERFECT entry for a short down to new lows for the YEAR. A HODL short, down to $1,250.
Daily 20 day Moving average
The 1 and the 4 month 10 Day Average
The 2 week 20 day Moving Average
And the weekly Upper Bollinger Band which represented the level of Support needed to to be tested last week.
All of these levels line up between $4,900 and $5,000, which is also a key psychological level of support.
This week, we should see BTC push further upwards towards the higher region on minor resistance $5,427 - $5,799.
However, this is a minor a resistance zone.
As Cryptocurrencies are "volatile" i.e. mostly traded as a result of FOMO right now. We can expect a further push up towards atleast $5,9000 - $6,000.
HOWEVER.
As it is only Wednesday, momentum could build today and tomorrow, leading to a spike upwards to $6,600 before a sharp rejection down, closing below or rather at, $6,000 - This ($6,900) would be a PERFECT entry for a short down to new lows for the YEAR. A HODL short, down to $1,250.
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