Bitcoin Has Tested Support, But Can It Be Supported?
Bitcoin just concluded a weekend of low volatility and movement. Friday produced a hammer candle with a long price wick that ended about 6% shy of our Daily Base Line. Saturday and Sunday saw price remain right at Friday's closing price, with Monday opening up bullish price prices creeping back across our 8 DEMA.
With prices above the Daily Base Line, our trading bias is to the Long side, looking for positive price appreciation.
Mynx, our primary Momentum Oscillator, is about to give a Bullish Cross, which would be seen in this light as a continuation signal, suggesting entering long trades.
Current support lies in the Market Structure of $24K which has confluence with our Daily Base Line, if price were to break that level our next level of support comes in at the psychological level of $20K.
Current resistance lies above us in the form of Market Structure at $30K, however our ATR projection is aiming for targets in the $34-36K range.
With prices above the Daily Base Line, our trading bias is to the Long side, looking for positive price appreciation.
Mynx, our primary Momentum Oscillator, is about to give a Bullish Cross, which would be seen in this light as a continuation signal, suggesting entering long trades.
Current support lies in the Market Structure of $24K which has confluence with our Daily Base Line, if price were to break that level our next level of support comes in at the psychological level of $20K.
Current resistance lies above us in the form of Market Structure at $30K, however our ATR projection is aiming for targets in the $34-36K range.
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