Still not able to go up to $ 10,000 successfully. The digital currency king chart like Bitcoin While the digital currency market fell by 1.7%, the Bitcoin chart fell by 4% and fell for the 3rd straight day. On Sunday, the price dropped 9.4% in total. Then the bitcoin graph dropped 13.5% while writing the article.
Instead of being able to turn itself into a dependable reserve asset after gold It turns out that Graf Bitcoin is affected by the corona virus, not losing to other investment markets. In addition to the investment market currently being affected by the epidemic, another major headache is the war on crude oil prices between Saudi Arabia and Russia.
Because Bitcoin will be known as "Digital gold" investors therefore hope for the price of Bitcoin to increase as well as real gold prices But the price of gold has risen to $ 1700 and unable to penetrate this resistance may be one of the reasons why the uptrend market surrendered and retreated back to the foothold and bitcoins were affected. Chart BTC / USD surrender to rise further.
Daily Bitcoin Dollar Graph
From the rising flag pattern that we analyzed last week At this time, the Bitcoin graph shows a clear pattern of prices. The graph has now created a shoulder (H&S) pattern, with a short-term price target of around $ 7500, the first support level in November, and a medium-term target of $ 6500, the lowest point of the month. December 2019 This is another example of technical analysis combined with fundamentals coming together in the same direction.
The latest highs are in the same position as the highs on October 26. The downward flag is a component of the left shoulder and the rising flag is a component of the right shoulder. In addition to the shoulder pattern, if looking at the overall picture, it can be seen that this is a double-top style, which confirms the downtrend.
Trading strategy
Traders that do not like risk Will wait until the graph is back up to test the neckline at $ 8,500 to confirm resistance
Traders with medium risk exposure Will wait for the abbreviation of the bull to find a better entry point at this time
Traders with high risk Will try to buy now to capture short-term profits
Example of trading (For investors who like trend training)
Entry point: $ 7,800
Stop-Loss: $7,700
Risk: $ 100
Profit target: $ 8,300
Return: $ 500
Risk to return rate: 1: 5