Binance Bitcoin warning sent to my mobile phone early this morning. To me this is a very professional approach by a responsible cryptocurrency exchange. Especially since this market is completely unregulated.
Cryptocurrency exchanges, like Binance, do not have to issue a Bitcoin warning at all and to be honest it probably isn’t in their best interest to do so short-term. The market moving is how they make money.
Long-term for loyalty though from a customer/traders point of view this is certainly welcome.
Just a brief daily mind stretch. Trying to see if I can identify Bitcoin support and resistance.
Feel free to add a comment if you see anything I miss.
Not financial advice. I’m just trying to work out the overall direction for Bitcoin in the near future.
(This is just for fun) Remember; Bitcoin is a highly volatile beast and has the ability to change direction, in seconds.
Always use a stop loss!
Please note: I am neither bull or bear. I trade either direction, it’s all about the money, baby.
Daily (Yellow) Higher Fib resistance $10,225.32 Lower Fib support $8,931.10
Major resistance at $10,373.75 (Purple) Major support at $9,052.56 (Blue)
Opening price: $9,341.08
I’m going to simplify the way I do trading. Whilst I will still continue to use this TradingView chart for reference I will be relying on using MA (Moving Averages) lines instead.
This will be my last update on this post today. I will start a new one that will replace this as a ‘sticky’ topic. Since the beginning of the Coronavirus lockdown I have been using the much more simplified MA lines. This is mainly because I haven’t had as much time to monitor every move of Bitcoin due to other commitments.
I have found this new strategy to be highly effective without being so time consuming, and as a plus for anyone following this, it will be easier for everyone to follow.
I will still be looking for trends using my full TA but will only publish my TradingView chart when it is really required.
So, for the last time for a little while here is my TradingView analysis: