Bitcoin and the endless game of magical $ 10K price area

Bitcoin and the endless game of magical $ 10K price area

The behavior on the BTC market over the last month is reminiscent of PUMP and DUMP, and it seems that the traders themselves do not know where they want to go.

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8 Jun 2020 , 19:33 @ Matey Salt

Bitcoin and the endless game of magical $ 10K price area

In the last analysis, we really believed that BTC can cross the magic price line again, and after a few hours it happened. The bulls took in and pulled out the BTC by almost $ 750, and a $ 10,380 (binance) price tag shine on the chart. However, the pleasure did not last long and the market showed, that volatility was still working and the next day we flew exactly where we were before.

The behavior on the BTC market over the last month is reminiscent of PUMP and DUMP, and it seems that the traders themselves do not know where they want to go.

But let’s take a look at our technical analysis and its findings:

  • RSI has stabilized again after impulsive movements and we are in a neutral business zone
  • The bulls have temporary support in the $ 9,500 area from which it is still bounced up, if we lose it will be a test for $ 9,000
  • Strong resistance still remains at $ 10,000
  • High probability that BTC will move in the direction + – $ 500 the following days

Trading tips:
Most traders are convinced that BTC will go up in the medium to long term, so I would continue with a similar strategy as in the previous article.

  • Average LONG orders – 1. around 9500$ , 2. 9000$, last 3. 8400$ SL 5% set only here
  • SHORT around 10 000$ with SL 5%

Trading in crypto markets is highly volatile and dangerous. We are not responsible for your trading and our advice is purely informative.

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    Matey Salt

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