2024-05-13 14:44:09
BTC UPDATEThe chart this week is quite simple. There are two resistances:
$63,300 (local) and
$64,500 (main). There is an extreme sell pressure in the
main resistance area, the price was rejected from there
7 times already.
Talking about supports.. there are two of them: ascending trend line and $60,000. In fact, I tend to believe that $60k is just a
psychological level that bulls don't want to lose. There is no real buy pressure there.
The only support that matters is the
ascending trend line that saved the price
4 times already.
How to trade it? The
safest buy is on the confident $64,500 breakout. A
riskier purchase is after $63,300 breakout. If we lose ascending trend line —
say goodbye to Bitcoin above $60,000. If this happens, we will see $55,000 zone in no time.
Bulls
need to push the price today. Otherwise this week might be
bloody. I adjusted the size of my LONG position on Bitcoin,
closed 30% of it here in small profit.
7.4K viewsRobert Mercer, 11:44