Introduction
Bitcoin has been nicely playing a bouncing game between its supports and resistances, developing a pattern that is super easy to predict! Since early February, laddering BTC has became a very profitable strategy - that is, calculating support and resistances; then looking for breakouts (or breakdowns!).
Strategy & BTC's Short Term Direction
Bitcoin is following a bullish trend in the short term. We are currently facing a minor resistance at $10,900 that once broken will lead to the price of $11,800 where it will test another resistance point. Although a breakout followed by a rise in price to $12,700+ is most likely, Bitcoin will test the $11,800 resistance and a reversal to the $11,000 levels is also possible.
It is important to base entries and exits on the market's sentiment - Closely watching RSI and MACD to ladder Bitcoin until the short term target of $12,700!
Note
Thank you for reading! Remember that every investment involves risk, and you should conduct your own research before making a decision. This post is for educational purposes only.
Nice analysis, and yeah I agree that Bitcoin needs to break above 11.8k-12k for crypto to be in a bullish trend! We should see a pullback once break through 12k as well, since the RSI will most likely be oversold at that level. Followed you since I do crypto TA updates as well!
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