BTC faces resistance from the monthly MA25 above, with support from the monthly EMA18 and other levels below
BTC is currently facing resistance from the monthly MA25 above, around 87666U. The resistance level is where you reduce your position; buy back if it breaks through (based on the closing price on the last day of the month)! If it can break through the monthly MA25 resistance, the sky’s the limit! Technical note: Use the daily MA25 to determine the bullish or bearish trend. After a buy signal is given, during an upswing you can use moving averages on higher timeframes, such as the weekly or monthly chart, to identify resistance levels. Reduce your position at resistance, and buy back if the price breaks through. If it breaks through, resistance becomes support (support is where you add to your position; reduce your position if support breaks). Conversely, if support breaks, it becomes resistance. Below, the monthly EMA18 and MA7 moving averages also provide support. You can add to your position at support, but reduce or exit if the price breaks below these levels. Earlier, the price fell sharply to the monthly MA60 support and then began to rise when it was around 57448U. At the time, the market low was 57800U, which is also the market’s lowest price since the rebound—truly remarkable. Bitcoin #Bitcoin BTC #BTC $BTC
BTC is currently facing resistance from the monthly MA25 above, around 87666U. The resistance level is where you reduce your position; buy back if it breaks through (based on the closing price on the last day of the month)! If it can break through the monthly MA25 resistance, the sky’s the limit! Technical note: Use the daily MA25 to determine the bullish or bearish trend. After a buy signal is given, during an upswing you can use moving averages on higher timeframes, such as the weekly or monthly chart, to identify resistance levels. Reduce your position at resistance, and buy back if the price breaks through. If it breaks through, resistance becomes support (support is where you add to your position; reduce your position if support breaks). Conversely, if support breaks, it becomes resistance. Below, the monthly EMA18 and MA7 moving averages also provide support. You can add to your position at support, but reduce or exit if the price breaks below these levels. Earlier, the price fell sharply to the monthly MA60 support and then began to rise when it was around 57448U. At the time, the market low was 57800U, which is also the market’s lowest price since the rebound—truly remarkable. Bitcoin #Bitcoin BTC #BTC $BTC