CRYPTONAIRE
WEEKLY CRYPTO investment journal
CRYPTO TRADE OPPORTUNITIES BITCOIN - BTC/USD
Bitcoin rebounded sharply from the uptrend line on October 8 and surged above the moving averages, which was the first sign of a likely change in trend. Therefore, we had suggested traders buy on a rebound off the uptrend line in our previous analysis as it offered an attractive risk to reward ratio. Traders who followed the recommendation are now sitting on profits. The momentum picked up after the bulls pushed the price above $11,200 and the BTC/USD pair hit an intraday high of $11,736.02 on October 12. The moving averages have completed a bullish crossover and the RSI is in the positive zone, which suggests that the bulls are in command. If the bulls do not allow the price to dip below $11,200, the uptrend is likely to resume and reach $12,486.61. The bears will pose a stiff challenge in the $12,000-$12,486.61 zone. Hence, traders can book partial profits in this zone and trail the stops on the rest of the position. This bullish view will be invalidated if the bears drag the price back below $11,200. Such a move will suggest a lack of buyers at higher levels and that may attract shorting by aggressive bears.
Cryptonaire Weekly | October 13th 2020
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