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Bitcoin is still not out of the woods yet, if we take a look at the weekly chart. We're still trading this week between $9,400 and $10,800. A very nice $1,400 up from the beginning of the week, and definitely a healthy bounce to many's portfolios. However, we're still trading below the high of last week's high, at $11,800. This price zone is also where the 100 Day Moving Average acts as resistance.
Looking at the daily is also positive. Candle-stick trading would tell you that you could enter here. We have three green candlesticks, all trading
above the previous high.
This should be a cautious trade however, because of the decreasing volume.
We want to enter in the direction of a strong trend.
However, we have broken through the 50 day MA, so if we can find support
on top of it the next resistance zone of 11,800 should be within sight.
Always enter a trade in the direction of a strong trend.
All things considered, Bitcoin is the safest to be in for now. Traders interested in their USD values should be entering into small-time span longs and shorts, depending on how the candles configure. Again, Bitcoin is not out of the woods yet, as far as price goes.
In other news, Lightning Network development continues unprecedented. Mempool looks very clear, 1-2 satoshi per byte transactions are still being recorded in the blockchain. Circle acquires Poloniex for $400 million. Exciting times for Bitcoin.
Consider joining the Cracking Crypto Discord Channel, the trading group I provide content and signals for. We have a highly respected and experienced team of traders and investors, and an active community for crypto lovers and traders from all walks of life.
*I'm not a financial adviser. The information here is for education purposes. Trading and investing are wonderful things to do, and it's OK to take advice and to learn. I'm glad you're here right now reading this, educating yourself. Don't take my word as the gospel, and be careful. All investment's and trading opportunities carry risk, I'm sure you reading this have the potential in you to profit from a careful trading plan, and wise investment choices. Do it right, do your research, and don't trade stupid. Very best of luck to you!*