Bitcoin analysis
Bitcoin price trading weaker continuously, BTC/USD has lost nearly 1500$-1700$ since last week. In rough case scenario its down nearly 20% in single week. This is what make cryptocurrencies harder to trade in intraday. Even if we take positional trade a normal case risk reward ratio is 5-7% but here it moves nearly 20% in single week. Its good for speculations and bad for trading. We are tracking bitcoin as our many existing paid subscribers trades in this cryptocurrency. Kindly note we still do not provide any paid signals in bitcoin or any other cryptocurrency.
Bitcoin price currently trading at 7080$, A good support on technical chart stands at 6880$, If traders break this support and manage to sustain trade below our support. Then expect good pressure in this major cryptocurrency upto 6600$ – 6400$ today.
A good resistance on bitcoin technical chart stands at 7250$, If traders break this hurdle and manage to sustain trade above our resistance. Then expect good firepower in this major cryptocurrency upto 7400$- 7600$ today.
Bitcoin analysis conclusion: Bitcoin trend is weak for now but 7000$ should act as a good psychological support. So should we buy btc/usd now at 7080$, A small buy position can be taken here with stoploss below 6980$.
Silver analysis
Silver price trading at 16.44$ slightly weaker from its last night closing. Its not following gold which is up nearly 0.40% today from its last night closing. A good resistance on silver chart stands at 16.62$, Once traders cross this hurdle and manage to sustain trade above our resistance. Then expect silver price to follow gold’s lead upto 16.84$- 17.05$ today.
A good support on silver chart stands at 16.20$, If traders break this support and manage to sustain trade below our support. Then expect more pressure in silver upto 16$- 15.80$.
Silver analysis conclusion: Silver analysis is flat to weak for now but buy in dips is good idea for now.
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[…] stated in our yesterday’s post here, bitcoin may rise a bit and we may take small buy. Those who initiated buy must have fetched nearly […]