CRYPTONAIRE
WEEKLY CRYPTO investment journal
CRYPTO TRADE OPPORTUNITIES BITCOIN - BTC/USD
Bitcoin hit an intraday high of $14,098.92 on October 31 but the bulls could not sustain the higher levels and the closing on that day was below $14,000. This showed that bulls were struggling to sustain the price above $14,000. We had advised traders to book profit on 80% of their open position if the BTC/USD pair did not break above $14,000. Traders got many opportunities to book profits on November 1 and 2. About 20% of the open positions could be held with a stop-loss below the 20-day EMA. Both moving averages are sloping up and the RSI is in the positive zone, which suggests that the bulls have the upper hand. If the bulls do not give up much ground, then there will be another attempt to propel the price above $14,000. If the bulls can pull it off, the pair could start its journey to the next target objective of $16,000. The only negative development on the chart is the bearish divergence on the RSI. This suggests that the momentum has weakened. A break below the 20-day EMA will be the first sign of weakness. If the bears sink the price below $12,486.61, a deeper correction to the 50-day SMA is possible. Cryptonaire Weekly | November 3rd 2020
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