BTC in a Crucial Resistance Zone; How to Enter a Long Trade By CoinEdition
© Reuters. BTC in a Crucial Resistance Zone; How to Enter a Long Trade
- BTC’s price is in a crucial resistance zone between $19,600-$19,750.
- A break above this level will see it reclaim its 200-week MA market cap.
- The last 24 hours have seen BTC’s price increase 2.28%.
The crypto market leader, (BTC), currently has a crucial resistance between $19,600-$19,750. Should the crypto market leader be successful in breaking above this resistance then the next resistance level will be at $20,100. Following this level, $20,700 is next.
Furthermore, a break above the current resistance level between $19,600-$19,750 will see BTC reclaiming the 200-week moving average (MA) market cap.
Any traders looking to enter into a long position for BTC can start doing so around $19,300. However, scaling in a bit higher won’t be a bad idea.
At the time of writing, BTC’s price is trading at $19,617.85 after a 2.28% increase in price over the last 24 hours. As a result, its market cap has also risen to $376,363,454,119 according to CoinMarketCap.
BTC/USDT 4 hour chart (Source: CoinMarketCap)
BTC’s price has made an upwards move on its 4 hour chart which has seen it rise above both the 9 and 20 Exponential Moving Average (EMA) lines. The crypto’s price was met with some resistance as it reached the second deviation up of the Bollinger Bands.
This is something that investors need to keep an eye on as this Bollinger Band level has acted as a short entry for bears during the current market conditions. However, there is a fresh sign of a continued move up as the 9 EMA line crossed above the 20 EMA line approximately 12 hours ago.
The bearish thesis will be invalidated if the current 4 hour candle closes above the second deviation of the Bollinger Bands.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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