Regardless of the increased volatility over the last few days, the struggle for the $2,300 level did not occur.
Looking at the chart, it can be clearly implied that the price did some retests at $2,300 before going up, which is a rather typical signal for opening long positions. It is relatively low risk.
The following scenarios seem to be plausible for BTC/USD:
- In the meantime, tests of $2,700, a possible resistance level, might be observed.
- Another retest of the $2,300 level. Although not clear, it is still possible. Given a retest takes place, new rooms for deals might occur.
In order to effectively and efficiently invest in cryptocurrencies, you should always closely monitor trading volumes. Admittedly, volumes monitoring provides more valuable insights than mere scrutinizing of the order book.
To recapitulate, long positions from the strong levels would be good deals. Never forget about setting stop-losses! As always, risk/return ratio is a crucial indicator for successful traders.
Read analysis about ETH, LTC:
https://cointelegraph.com/news/btc-eth-ltc-price-analysis
