BITCOIN
Closed At:--$17717.42 on 28.11.2020
Support: $17712.40/16709.46/16351.03/15903.44/15783.95/15567.85.
Resistance:$17781.80/18353.40/18393.95/18936.62/19390.97/20089/20218/20532/21270.
I was highly bullish on it (see my post of 3.8.2020) and I am still bullish, after my buy recommendation
at $11759.59 on 1.8.2020 it
hit a recent high of $19390.97 on 25.11.2020 and then corrected sharply
the next day and made a recent bottom of $16351.03 on 26.11.2020
and currently quoting at $17700+. It seems that it is consolidating here
and will resume the up momentum again in coming days, provided it sustain above
it most important and key points of $17155---16709.46---15783.95( $17155
& 15783.95 figures will move upwards if it moves above its recent high of
$19390.97). Please note that sustained break below $17155 on the
closing basis can push it into short to medium term correction mode but as long
as it stays above $ 16709.46 it is likely to retest its all time high
top of $20089 and may go beyond it also. But if it moves below $15783.95
and sustain on the closing basis then it can get into long term correction mode
and uptrend will be potentially threatened. The overall technical setup does
not indicate deep correction as on now, so even if it corrects further it may
be a short correction and it will bounce back and resume the up move again.
In view of the above observation, it is in the uptrend now,
therefore it is strongly suggested to adopt buy on decline strategy at
appropriate points or near $15784 but
not below it with a stop loss of $15760 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. But for safe traders it is suggested to buy on decline at
appropriate points or near $16709.46
but not below it with a stop loss of $16650.
I once again reiterate that deep correction is not likely as of now. The bias is bullish 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 favorable
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.