BTC Finally Broken Out From Daily Resistance Level

[BrewMaster]

usually whenever there is a very big drop like we had recently there are a lot of people who sell their bitcoins way too late at nearly the maximum possible loss percentage.
these large number of investors also usually don't buy back when the reversal starts. instead they hesitate a lot which is why we saw an initial jump back up and then the uncertainty phase (right now) where nobody buys and instead waits for a miracle to buy back near where they sold at a loss.

in my experience these trends always end up with a massive FOMO!

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[Bitcoinislife09]

#BTC Finally Broken Out From Daily Resistance Level.We Can Expect A Move Towards 7700$ Before Any Retrace Move..If Everything Work Like Our Chart Then Something Special Waiting For Us.✅

#BTC One Thing I Need To Clear To You Guys.Daily Candle Still Didn’t Closed Yet..If It Close Above That Resistance Then It Will Be A Clear Breakout We Have Still 12 Hours Left For Daily Close.. So Don't Rush It.It Can Be A Fakeout Also.If You Are A Swinger Then Wait For Clear Breakout✅

Thanks

For me the best way was to go with the flow in the market price of bitcoin surely the market will pump and then dump because of the coronavirus, a lot of traders could play along in this movement and easily make an profit in bitcoin and I guess it is always the best thing to do here since this is how the market price of bitcoin work we cant really expect the market to just pump all the time. So to be safe we cant really celebrate even the market broken its resistance even in the past day it reaches 7000$ in the market for sure it might go dump again in the coming weeks so I might wait until bitcoin halving or if I already have bitcoin I would wait it until bitcoin halving.

[TravelMug]

We still haven't seen the price breaching $7500, and it seems that $7300 is a big barrier right now. Bulls are trying to push through, but there's no momentum shift right now. Although support levels is still validated as the price is still steady at $7200, we might see the price sideways unless that resistance zone is broken. There are still a lot of opportunity to make money though, depends on your risk aversion.

[DevilSlayer]

The SMA 20 is resisting to the price and there is also a major resistance at around $7700. If the price breakout in those two resistance then there will be another really. Even if the RSI is pointing downward, it is still a healthy sign because we are in the bullish zone which is above 50 RSI. We should wait if there will be a breakdown or breakout that will happen. We should buy when there us a breakout and we should sell if there is gonna be a breakdown.

[michellee]

Bitcoin can increase to a higher price if there is a massive buying in the market, and I think that will happen soon. This day, we see the red candle appears and it still trying to go up, and if the support can hold the price not to go down, we will see another little bull. But we still guess for what will happen on this day, and we are in the weekend. Hopefully, the price can increase and reach another higher price.

If there's no dumping that will take place and the value hols its current position maybe we can expect another good run for next week, but knowing bitcoin and how volatile this market was, there's no certainty so better to make sure to have set back plans in case your expectations did not take place.
Make sure to have additional plans in order to adjust quicker if it's needed.

Yes, but the dumping can happen anytime, and we don't know about that. All we can do right now is prepare and gets ready for any possibility that can occur. But we all hope that the price can increase higher in the next week, and the price now is just collecting more supports to rise higher. I already have additional plans in order with the current situations that will happen to the market. But I don't expect something worst will happen later.

[GreatArkansas]

This is kinda good news for everyone and I am glad to your chart since you are using a much higher time frame compare to some random people who always using lower timeframes and make some speculation on Bitcoin.
After we broke above $7,000 it was really a special situation for Bitcoin, for now, I am watching is kinda support if every we will fall again on $7,000 is around $6,500 - $6,800.

[Oasisman]

We still haven't seen the price breaching $7500, and it seems that $7300 is a big barrier right now. Bulls are trying to push through, but there's no momentum shift right now. Although support levels is still validated as the price is still steady at $7200, we might see the price sideways unless that resistance zone is broken.

I can say, the crypto market is struggling to get back up or break that resistance level, though it's gradually recovering, but I'm still in doubt that the market will going to have another correction, before It goes for a bull run.
I dont know, but the market movements seems telling me to follow my intuition lol.

There are still a lot of opportunity to make money though, depends on your risk aversion.

And one of them are short or daily trading taking advantage of the small price swings, yes that could be a good way to generate profit during this market mood, but It does require expertise and high risk tolerance.

[bitgolden]

There will be some falls and some increases during this period, remember the time we had trouble going above 6k just a week or two ago? We had gone above 6k and down couple of times before we could actually go above and stay there, now we are doing the same thing with 7k and we are going to drop under 7k and go above 7k and do that again and again for a while before we can decide what direction we are going to go.

I am not saying we are going to stay above 7k and even peak at 8k or something, I am saying that in order to do that we first need to actually go up and down for a while to make sure the buyers have enough ammo by buying and selling at right prices and have USDT so that they can end up actually having enough power to break over that 7.3k price.

[skarais]

~~~

Today bitcoin is trading at ± $6850, market conditions are unstable and halving are getting closer so traders and investors must be careful because there may be unexpected market turmoil. We can see that the price of bitcoin is trying to reach $7,000, but because of the high sales volume makes it even more difficult to achieve.

However, I do not think prices cant reach $7000 in the near future and I believe price movements still have the potential to breakout. Securing capital may be the right thing to do, but consider making a profit from daily trading. 5% of targeted profit may not be a big problem, but daily trading if not done properly will negatively impact the capital we have.

[tokeweed]

It honestly feels like there's gonna be another drop coming...  Dunno.  I hope not.  Lol. 

[Yaunfitda]

~~~

Today bitcoin is trading at ± $6850, market conditions are unstable and halving are getting closer so traders and investors must be careful because there may be unexpected market turmoil. We can see that the price of bitcoin is trying to reach $7,000, but because of the high sales volume makes it even more difficult to achieve.

However, I do not think prices cant reach $7000 in the near future and I believe price movements still have the potential to breakout. Securing capital may be the right thing to do, but consider making a profit from daily trading. 5% of targeted profit may not be a big problem, but daily trading if not done properly will negatively impact the capital we have.

Of course mate, we are waiting for that potential breakout to at least $7500-$7700. But it looks like we are having a difficult path pushing past $7300 again as the resistance at that level is strong.

Yes, conditions are very unstable and I see some technical analysis on the opposite direction, meaning that as this conditions, (with the covid-19), really hard to predict where the price will go, we're in the middle, we can't even confirmed if we are in the bear or bull zone.

[JL0]

It honestly feels like there's gonna be another drop coming...  Dunno.  I hope not.  Lol. 

It may be because we had a big buy Wall on Okex at ~ $6800 about more than $50 Mio. and few hours ago they removed it.

[tokeweed]

It honestly feels like there's gonna be another drop coming...  Dunno.  I hope not.  Lol.  

It may be because we had a big buy Wall on Okex at ~ $6800 about more than $50 Mio. and few hours ago they removed it.

Aaand the moment I posted that, BTC goes up to 7200 USD a couple minutes later from like 7080ish.  Lol.  So I really don't know.  

[kapalmabur]

on the weekend, I think the market tends to have a different direction, indeed you are very good at predicting the price of Bitcoin and it is very helpful, the price had penetrated resistance, and now has decreased again, because this is a weekend, maybe this price increase is fake, we have to wait for Monday to arrive