www.varchev.com

Bitcoin with a breakthrough of a main resistance

BTC/USD D1 Our expectations:

Long-term trend – long and medium-term short correction. Major breakthrough at a key resistance level coinciding with a break in the wedge figure. The current price gives a good opportunity for entry with a close stop and a good risk/reward ratio.

Price Action: A gap for increase above the resistance zone. Gap cannot be filled and the price resumes its upward movement.

Indicators
Test up to 61.8% Fibonacci on the last upward movement.
Price above 50SMA and 200SMA. MAs in A BULLISH formation.
Demarker In neutral territory.

SL: 8600

Alternative scenario: Returning the price below 8600 means filling the gap and probably a new test at the bottom, around 7100.


 Trader Georgi Bozhidarov


Read more:
RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance