Please be noted that I'm just giving the possible higher or lower levels developing according to the chart patterns. It's my own analysis. You should conduct your own research when making a decision.
We had recommended a long position in BTC in our previous analysis if BTC breaks out the trendline. Our trade triggered yesterday at $8500.
BTC has broken out the trendline as well as the 20-day EMA which is a sign of recovery. On the other hand, if BTC wants to extend its recovery, it should break out the old uptrend line. It's important not to forget old trendlines.
I believe that if BTC breaks out the trendline, it will rally to the 50-day SMA and the resistance line of the descending channel around $11750. Traders should book partial profit at this level.
We had recommended a long position in BTC in our previous analysis if BTC breaks out the trendline. Our trade triggered yesterday at $8500.
BTC has broken out the trendline as well as the 20-day EMA which is a sign of recovery. On the other hand, if BTC wants to extend its recovery, it should break out the old uptrend line. It's important not to forget old trendlines.
I believe that if BTC breaks out the trendline, it will rally to the 50-day SMA and the resistance line of the descending channel around $11750. Traders should book partial profit at this level.
