Right now, it’s hard to be a Bitcoin owner. Things moved quickly and in the wrong direction over the last half of the weekend, despite a weekend suspension that allowed some major leagues to regain a few percentage points and temporarily end the race.
When we start a new business week, nobody really knows where the price will go in the short term. Some analysts suggest that current levels represent an important supportive region, and in the context of a traditional approach to technical analysis this seems to be correct.
However, traditional technical analysis was based on traditional assets, so even though it might be useful, it would be absurd to assume that it is safe.
All we can do is oppose the action we see standing and hoping things will not go against our prejudices.
With that in mind, here is an overview of what we focus on and where we intend to enter and leave markets as things move, regardless of the direction of movement.
Always look at the table below before getting an idea of the situation. It is a one-minute candle board and has superimposed our main rank in green.
As the graph shows, the area we’re seeing for today’s session is defined by the 7551’s downside support and the 7710’s upside resistance. First, we are after a fence over the resistance to confirm an immediate bullish goal 8000 shots.
On the other hand, if we see that the price is lower than the support, we will move to a downside target of 7300.
It stops in the two positions on the other side of the entrances that will come out of the exchanges when things turn against us.
Let’s see what happens.
News Source: Google