Wednesday, February 19, 2020

Technical Analysis Update: Long BTCUSD

BTCNN aim to be the key source for both digital currency experts and newbies. With the cryptocurrency industry growing so fast we want to educate our readers about all the latest developments as they happen.

This is an update to an earlier trading calling for BTCUSD $13,500 but saw some major signs of rejection at the high so wimpled out.

After the price took a tumble, we may have found support here at what was gained from the previous leg up.

Entered a small long position at $11,253, looking for a test of what was lost from the highs.

Is the price doesn’t get repelled from the highs too aggressively, that should be a sign of bullish momentum giving us a chance to push higher towards $12,000 and then $13,500 with a final target (not anytime soon) of $16,500.

The initial reason for entering back long is due to the support at the immediate left (shown in the image below). This is the level which was gained to give the recent high. Failing this, will bring BTCUSD to the start of the leg ($11,234) where we wouldn’t be very likely to see a high is we can’t hold. Losing that level would open up the move to drop towards $10,300’s.

This trade has continually been updated on Trading View:

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