BTC Chart Analysis And BTCUSD Trading Strategy.
Bitcoin has been hovering around $10,000 for the past few days and despite the recent break down to $9500, it is important to notice that the BTC price has always managed to close above the $10K mark everyday in August. Indeed $10,000 is a very nice round number but more importantly it is a very strong psychological level.
There is a lot of buying pressure between $9500 and $10,000. The bulls are coming.
On top of that, Bitcoin has been trading over its 200MA since April 2019, that was when the bitcoin price crossed above $5000 and never looked back. Therefore the overall trend is still bullish and we should see Bitcoin upwards momentum resuming in the coming weeks.
The BTC chart analysis shows that the current main support level is at $9450 and the main resistance level is at $12350.
Today we are witnessing an inside-bar formation.
A break above yesterday's high of $10540 would suggest a possible run to the resistance level of $12350. With a stop-loss placed around $9700, just below yesterday'slow , $10550 could be a good entry point for a long trade with a risk/reward ratio of 2.1
All the BTC chart analysis and cryptocurrency trading ideas that I post on this site are only the expression of my personal views on the cryptocurrency market and they should not be considered as financial advise because I am not a financial adviser.