BTCUSD - Analysis of 08.05.2020
As anticipated in yesterday's analysis, the quotation has reached a very important resistance level, a multi-year downtrend line that has been accompanying us since the collapse of 2017. The level to keep an eye on now is the 10,500, where we have already had a double high that has caused prices to collapse.
A break of the latter, and therefore the trend line, could start a new bull run with the first target at 13,764. However, attention must be paid to a possible fake break out, often characterized by a rapid movement with low volumes that will bring prices above the resistance and then collapse and return within the triangle. In fact we recommend a long entry only after confirmation of the break out with a solid 10500 support.
Conversely, if buyers fail to bring the cryptocurrency above this resistance level, a triple maximum will be formed which will cause a downward reversal with first support at 8,000. Here we expect a response from buyers, but if this does not happen, perhaps because investors have lost confidence after the collapse, we may see a further collapse to 6,000. This is a very strong level of support and we expect an immediate response from the bulls.
We are waiting for valid operational signals before positioning ourselves, and we also need to take into account the impending Halving which could affect prices.
A break of the latter, and therefore the trend line, could start a new bull run with the first target at 13,764. However, attention must be paid to a possible fake break out, often characterized by a rapid movement with low volumes that will bring prices above the resistance and then collapse and return within the triangle. In fact we recommend a long entry only after confirmation of the break out with a solid 10500 support.
Conversely, if buyers fail to bring the cryptocurrency above this resistance level, a triple maximum will be formed which will cause a downward reversal with first support at 8,000. Here we expect a response from buyers, but if this does not happen, perhaps because investors have lost confidence after the collapse, we may see a further collapse to 6,000. This is a very strong level of support and we expect an immediate response from the bulls.
We are waiting for valid operational signals before positioning ourselves, and we also need to take into account the impending Halving which could affect prices.
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