Bitcoin Traders Long The $39K Dip, Will BTC Head In Expected Direction?
Rejected once again as it attempted to reclaim the $40,000 area, Bitcoin trades just north of $39,000. The first crypto by market cap is moving on a low timeframe range between the mid area of its current levels, and around $48,000. Related Reading | Bitcoin Clings To $40K On Easter Sunday As Crypto Seen To Head Lower In The Short Term In higher timeframes, Bitcoin seems trapped between the low $30,000s and the high $60,000s. Whenever it approaches, traders turn to high fear of high greed levels. At the time of writing, Bitcoin trades at $39,300 with a 3% and 7% loss in the last 24....
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In technical analysis, traders interpret the head and shoulders formation as a strong sign that a trend reversal is in process. Traders tend to focus too much on timing the right entry to a trade, but very few focus on developing a strategy for exiting positions. If one sells too early, sizable gains are left on the table and if the position is held for too long, the markets quickly snatch back the profits. Therefore, it is necessary to identify and close a trade as soon as the trend starts to reverse.One classical setup that is considered reliable in spotting a trend reversal is the....
Ethereum’s price has stopped before choosing a direction. What is to be expected? Which direction will Ethereum pick? After bouncing off the $11.4 resistance, Ethereum’s price failed to hold at that level. The buyers were more numerous. The $11.4 level is important because it’s the most profitable price for the Bulls. If one compares the rebounds of the upward trend, that becomes easy to notice. Most traders make their decisions at points exactly like that.
Many successful traders look for double bottom and W bottom reversal patterns on technical charts in order to spot powerful price reversals. Trading in the direction of the trend is one of the best ways to be profitable. If traders learn to spot a new trend early, it provides an opportunity to buy with a good risk to reward ratio. In addition to identifying a trend, traders should also be able to recognize when it has reversed direction.While several patterns signal a possible trend change, one of the easiest to spot is the double bottom pattern. This can help traders change their strategy....
The Bitcoin price is right now between two important resistance levels. The further trend will be decided by the traders who win the advantage. The price structure is ready for movement into both directions. Until the fortification and formation of the third wave happens, there is but one option - sideways or flat movement. The BTCUSD price will bounce off the key resistance lines, as it did the day before. This situation indicates uncertainty among traders. There is no overwhelming majority that could drive Bitcoin’s price in either direction.
Bitcoin’s price is moving along at least a medium-term upward wave. That short movement has a chance of growing into a long-term upward trend. Where can the direction of the trend change? The structure of the upward trend remains intact, and the movement has a potential for further growth as a consequence. But the whole dynamic, which has started at $435, can turn out to be a wave of a long-term flat. Such probability will become the strongest at $455, where a direction will be decided upon again. The current movement will continue, as long as its structure is not disrupted. The most....