DEFI’S CRITICAL CORRECTION COULD DRAG BITCOIN LOWER, ANALYST SAYS
While Bitcoin has been relatively stagnant over recent days, top coins in the decentralized finance have been undergoing strong corrections. Analysts think that this could…
Tag: analysis
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On a 4H BTCUSD chart, BTC/USD continued to trend inside the 
The latest fall and its responsive recovery have brought us inside a new range, defined by 7020-fiat as our interim resistance level and 6847-fiat as our interim support level. To begin with, we have entered a long position towards 7020-fiat in our hopes to retest the intraday high amidst a decent medium-term bulling sentiment. Nevertheless, placing a stop loss a marginal 3-pips below the entry point have minimized our loss should the upside reverses.
A break above interim resistance, meanwhile, will have us switch to the breakout strategy. In this case, we’ll enter a long towards 7128-fiat, our primary upside target, while keeping our stops three-pips below the entry position.
Looking the other way, we cannot rule out the possibility of a potential bearish run, first towards 6847-fiat which, if broken, could open a straight route towards 6800-fiat as a potential downside target. Though, in the context of a near-term bullish bias, it wouldn’t be wise to open a short towards a position that is just $47 away. We’re going to give it a skip until a potential bearish momentum is established, which should be the case when price breaches below 6750-fiat.
Trade safe!
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