BITCOIN
Closed At:--$11759.59 on 1.8.2020
Support: $10947/10898.70/10457.63/10199.87/9964.50/9163.10/8975.
Resistance: -$11794.78/11833/11958.50/12040.30/12273.82/12350.10/13129.53/13226.60/13796.49/16930.90/17712.40/18353.40/20089.
Critical points moving up:-$11324---11415.86---11640.15----13796.49---16101.14---16709.46.
Critical points moving down:-$11132.89---10723.42---10392.48---10199.87---10061.54---9652---9951----8975.53.
It is looking very strong on the technical chart. It has
given breakout from the long term down trend line on 22.7.2020 after a long time, which is a very positive sign and
indicates big up move ahead off course with intermittent corrections. Since it
had big rise after the breakout .so it is consolidating now and will eventually
resumes the up move again, but if it breaks and sustain below $11132.89 on the closing basis then it
could correct from here before resuming the up move. Moving down in correction
it will find good support at $ 10723---10392---10199---10061----9652---9551
levels and it could bounce from any of these points and may resume the up move
again. It is important to mention here that looking at the overall technical
setup it may not correct sharply which may please be noted. However moving up
it will stiff resistance at $11415.86---11640.15---11794.78---12273.82---13129.53---13796.49
levels, sustained break above $11415.86
on the closing basis will indicate that it can resume the up move and break
above $11794.78 will confirm the
resumption of the up move again and finally sustained break above $13796.49 on the closing basis will
take it higher at much faster pace, which may please be noted.
In view of the above observation, it is in uptrend now,
therefore it is strongly suggested to adopt buy on decline strategy as of now
but not below $10199 because break
below this level could accelerate the corrective move. Therefore in that case
one should buy only once it bounces back above it again and sustain on the
closing basis. I once again reiterate that deep correction is not likely as of
now.
Disclaimer:-The
view expressed here are solely of the author and he is not at all responsible
in any way for the outcome of the trade you enter based on the above view.
Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.