Bitcoin took off last night. The major cryptocurrency started moving not long after the London 4pm FX correction. The price then rose above the well-known double top which was in place just above 49,550. the move above it duly provided some fresh and concerted buying and the subsequent hike above 51k was also quite impulsive. BTC climbed to 51,385 before the US market closed last night. Today, it barely surpassed that level, climbing to 51,524 so far. It has now moved away from that level, but the return above 50k helped reestablish the upside with more conviction. The next major resistance level is now at 54,668, but it remains to be seen whether there is enough demand to see that level tested ahead of the Christmas holidays this weekend. Yesterday's was an interesting green candle, with adequate volumes despite Christmas holidays. It broke the descending trend line. Next Resistance Area 52500.
As usual I am attaching levels for intraday trading on BTCUSD.
How to interpret the levels?
I use them like this, I use a time frame of 30 minutes and with a close of the candle above the BUY ABOVE price I go long with the relative targets. And the indicated stop loss. I consider the first three targets the most important ones.
A short opening occurs with a price below SELL BELOW with the relative targets and the stop loss.
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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHER ADVICE.
Graphic: tradingview.com
