Hello guys, I actually expect a bounce from 54.4 support level. because of these reasons:
1. the 50 day moving average is here which previously has acted as strong support and we saw multiple strong bounces from this indicator last few months
2. it is a support zone here and a daily uptrend line which has strengthen this area
3. the Fibonacci golden zone is also here, 0.618 Fibo retracement level sits at 54000 dollars approx.
so for me these reasons are enough to go long on BTC and make my next swing trade in this market. my target is at ATH and my stop loss is below the uptrend line and next Fibo retracement level, if price falls below that level and penetrate the uptrend line, for me it is an bearish signal in the short and medium term.
**not a financial advice**
Thanks for your attention and good Luck!
1. the 50 day moving average is here which previously has acted as strong support and we saw multiple strong bounces from this indicator last few months
2. it is a support zone here and a daily uptrend line which has strengthen this area
3. the Fibonacci golden zone is also here, 0.618 Fibo retracement level sits at 54000 dollars approx.
so for me these reasons are enough to go long on BTC and make my next swing trade in this market. my target is at ATH and my stop loss is below the uptrend line and next Fibo retracement level, if price falls below that level and penetrate the uptrend line, for me it is an bearish signal in the short and medium term.
**not a financial advice**
Thanks for your attention and good Luck!