Whats it going to be 4300 or 3100 . How about those MA's ?
Since January 10th has remained below all of the moving averages on the daily candle – and has not been able to close above any of these averages.
A peek at the shows is currently experiencing challenges moving past the 20 , 50 , 100 and 200 Moving averages . Even a close above the lowly 20MA has become a challenge. At least id expect to breach the 20 MA ( the green line) . If has plans to move up then there has to be candle close above the MA20 on the daily at a minimum Also of importance is the symmetrical triangle is travelling in currently. This triangle has two moves and can move in either direction . One direction leads to 3100 and the other option leads to 4300. We will have to wait and see how this plays out. Im targeting this wilh half-in crypto and half in FIAT . if moves above 38xx this will be my signal to re-enter. if drops below 3500 this is my signal to exit .
We are closing in on the end of a week that’s going to be remembered for some time by many in the bitcoin space. The bitcoin price broke through the $10,000 level – a level that many claimed it would never reach – and topped out above $11,000 before quickly falling back below the major threshold. Since then, we’ve had a degree of instability, with participants on both sides of the market seemingly unsure as to what happens next. There’s a strong chance we’ll see a return to the overarching upside momentum, of course, but how deep the current correction will go remains to be seen.
As we always say, however, whatever happens, we’re going to be on top of the markets with our short-term efforts.
So, with this all noted, let’s get some levels in place that we can use to try and draw a profit from the markets as and when things move. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and where we are looking to get in and out on any volatility. It’s a one-minute candlestick chart and it’s got our range overlaid in green.
As the chart shows, the range we are looking at for the session comes in as defined by support to the downside at 10438 and resistance to the upside at 10618. Standard breakout rules apply for the session, so we’ll be looking at jumping in long on a break above resistance towards an immediate upside target of 10680. Conversely, if price breaks below support, we’ll get into a short entry and target a downside level of 10380. Stops on both positions (somewhere around $15 or $20 the other side of the entry) will help ensure we are taken out of the trades if things turn against us.
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![Bitcoin [btc], ₿itcoin cash, ethereum are heading for trouble: craig wright |](https://ohiobitcoin.com/storage/2019/02/rrDxjv.jpg "Bitcoin [btc], ₿itcoin cash, ethereum are heading for trouble: craig wright |")