BTC/USD
We shall look at the chart of the oldest cryptocurrency from a slightly long-term perspective today. After last year’s massive rally, Bitcoin is currently consolidating the gains inside a large range of $6,075.04-$12,172.43.
Since March of this year, the moving averages have been criss-crossing each other, which also confirms that there is no trend currently in play.
https://cointelegraph.com/storage/uploads/view/f0fd267ead67248282a25133a3780326.png
Inside the large range, another smaller range is developing, which has resistance at $10,000 and support at $7,941.68. This offers the traders an opportunity to lock in about $2,000 in profits if the range-bound trading persists.
Therefore, traders can buy the BTC/USD pair on any decline close to the support of $7,941.68 with a suitable stop loss. The target objective of this trade is a move back to $10,000.
This trade suggestion will be invalidated if prices sink below $7941.68 and fail to recover quickly. In such a condition, the positions should be closed because the next support on the downside is at $7,000.
more about the article, https://cointelegraph.com/news/bitcoin-ethereum-ripple-bitcoin-cash-eos-litecoin-cardano-stellar-tron-price-analysis-may-21
Topic: Price Analysis, May 21 (Read 110 times)
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