Bitcoin is seeing fierce back-and-forth action around the 800 level, with repeated swings.
Around midnight, it’s no longer a good idea to chase shorts. Let’s switch gears and look for a rebound from lower levels. On the hourly chart, price found support at the lower Bollinger Band and started moving up. It’s now tracking along the upper band, with the channel gradually tilting higher. On the 4-hour chart, price is testing resistance at the middle band, and the indicators have formed a bullish alignment—the rebound is gaining momentum.
Look to go long on Bitcoin on a pullback to 792–802, with an initial target of 810, then 825, and a broader target of 84500. Stop: 785. Go long on Ethereum at 227–231, with an initial target of 236, then 242, and an upside target of 250. Stop: 224.
More insights in the strategy group: #BTC
Around midnight, it’s no longer a good idea to chase shorts. Let’s switch gears and look for a rebound from lower levels. On the hourly chart, price found support at the lower Bollinger Band and started moving up. It’s now tracking along the upper band, with the channel gradually tilting higher. On the 4-hour chart, price is testing resistance at the middle band, and the indicators have formed a bullish alignment—the rebound is gaining momentum.
Look to go long on Bitcoin on a pullback to 792–802, with an initial target of 810, then 825, and a broader target of 84500. Stop: 785. Go long on Ethereum at 227–231, with an initial target of 236, then 242, and an upside target of 250. Stop: 224.
More insights in the strategy group: #BTC
