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March 09, 2018, 11:00:13 AM |
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BTC price analysis for Friday 3/9 updated
If you are trading intraday:
BTC opened at 9321 on march 9th it then dropped to 8398 and stopped which is close to 8384 support level 2 1/4 this is an oversold level, so there might be an opportunity for a counter trend trade long BTC, it did bounce there and then rose back up to 8886 which is near support level 1 at 8932 which is now resistance, this is a good place to close the trade. You then watch where the price goes and trade accordingly.
If you are trading the daily swing:
BTC got down to 8398 which is near support level 2 1/2 8330 which is an oversold level, this could be an opportunity for a long position in BTC.
Above or below the pivot, momentum switches to or from the upside to the downside. For buyers: Support 1 is good buying price, support 2 is very
good buying price, support 3 is screaming buy price. Resistance 1 is not bad selling price, resistance 2 is good
selling price, resistance 3 is very, very good selling price. If you are short: support 1, 2 and 3 are good levels to take profits.
Support2 or resistance 2 is a good place to catch a countertrend bounce for a countertrend trade.
When the price crosses the pivot point switch from long to short or get out, if you are investing for a long time frame, ignore it.
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