After closing out our Bitcoin long trade yesterday when price hit daily resistance, it's once again back to the higher time frame charts we go for today's Bitcoin analysis.
Bitcoin Analysis
So before we head to the daily chart, click the link to yesterday's analysis in the paragraph above and take a look at the hourly chart.
We closed our BTC/USD long day trade as soon as price tapped the level we're about to talk about in the daily chart below.
BTC/USD Daily:
So you don't have to be a trading wizard to have noticed this level. It's the exact spike high from June 2019.
Pretty awesome that over 12 months later, price hits the same level to the pip and rejects again. Don't let anyone tell you that simple support/resistance zones don't work!
So what next?
Well, price is now just bouncing between higher time frame zones in what I like to call no man's land and as long as we're in-between zones like this, the risk:reward isn't there to get a good entry so we just have to wait.
I know we've got a lot of long term Bitcoin holders here, but is anyone day trading?
Leave me a comment and let me know what you're looking at for your next entry.
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.