BTCUSD Analysis
by: Best Online Bitcoin Brokers
In this article I will go through my BTCUSD analysis. It looks like BTCUSD might be ready for a move.
In the chart above you can see four different levels. They are:
- Major Support 1860 USD
- Minor Support 2400 USD
- Minor Resistance 2880 USD
- Major Resistance 3000 USD
From my point of view, two scenarios are possible.
Scenario 1
Price moves down to the first minor support level. It meets support and buyers push the price back up to the first minor resistance at 2880. Check out the screenshot above.
Scenario 2
Price goes higher up to the major resistance level at 3000. Buyers are not willing to hold longer and the price falls down back to the first minor support level at 2400. Check out the chart below for a visual representation:
Range Trading
For the time being, price is locked in a range between the levels of 2400 and 2880. Before we see a move to one of those levels it is very hard to say what could be the next move.
I am very keen to see what this level could be and until then will be patiently waiting.
Happy Trading,
Best Bitcoin Brokers
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