Bitcoin finding support off S3
Updated
Clearly the underlying trend is still bearish so keep the risk mgmt very dialed in. We should see price move higher as we now have nice indication of a bottom. I recommend if longing to be aware of the heavy resistance. Most likely the bearish trend will continue as the price meet it, but if resistance breaks then let the winner run.
We did get more bearish news today. Bloomberg is advising that China has offered fresh warnings that Bitcoin could go to zero.
You would think the ban hammer speaks louder than this warning:
https://finance.yahoo.com/news/bitcoin-market-meltdown-prompts-fresh-093000754.html
Risk can be added as resistance levels break, however most likely price will fall into the ema ribbon and the trend will continue to be bearish. So keep greed feelings & risk appetites lean.
Good luck trading mates.
We did get more bearish news today. Bloomberg is advising that China has offered fresh warnings that Bitcoin could go to zero.
You would think the ban hammer speaks louder than this warning:
https://finance.yahoo.com/news/bitcoin-market-meltdown-prompts-fresh-093000754.html
Risk can be added as resistance levels break, however most likely price will fall into the ema ribbon and the trend will continue to be bearish. So keep greed feelings & risk appetites lean.
Good luck trading mates.
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