BITCOIN is Pumping! Entry Levels For Cryptocurrency Bull Market!
Bitcoin has been enjoying a great bull rally from the 29K bottom. It is now running into daily resistance at 42K and meeting some expected resistance. If price is able to convincingly break and close above this zone, then there is a high likelihood that price will be heading to retest the previous ATH of 65K and establish a new high. In the meantime, price might struggle or consolidate here for a bit, which could also be quite healthy given that price has been rallying for 10 straight days. A healthy correction/consolidation here can set us up for a stronger break of the 42K region.
The most immediate support levels are the S&R flip at 40.9K and the 200MAs at 40K on the 15Min Timeframe. These could be good places for a long scalp and initial areas for building a long term position. That said, if we do have a large correction from here, price might drop quite a bit, so the 40.9 and 40K levels might easily be broken. It is difficult to tell right now if price is going to just consolidate here or if price will have a larger correction. All we can do is prepare for the potential scenarios and act accordingly, and be ready to change our plan as the market evolves.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
The most immediate support levels are the S&R flip at 40.9K and the 200MAs at 40K on the 15Min Timeframe. These could be good places for a long scalp and initial areas for building a long term position. That said, if we do have a large correction from here, price might drop quite a bit, so the 40.9 and 40K levels might easily be broken. It is difficult to tell right now if price is going to just consolidate here or if price will have a larger correction. All we can do is prepare for the potential scenarios and act accordingly, and be ready to change our plan as the market evolves.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
