8949829215#BTC- Market Update 16/08: Can the 59,000$ Zone Resist Bitcoin's Uptrendđ°?
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On 15/08, as previously predicted, Bitcoin price touched the support of 57,800$ and quickly bounced to the red resistance zone of $59,800.
If we follow the entry strategy at 57,800$ and Stop Loss (SL) set at 57,000$ ~ with a Risk
ratio of 1:2, the (TP) is $59,400, the result is profitable. However, if we try to hold on a little longer, the result may break even or even hit the Stop Loss.
Today, the market action paints a different picture. The price broke through 57.800$ and dropped sharply to 56.100$ before bouncing back to the current 58.400$ . This suggests that the 57.800$ area is not as strong a support or resistance zone as we thought.
With yesterday's bearish engulfing red candle and the current 3 green candles still within the previous bearish mother candle, this could be a signal to consider a short-term SHORT strategy for today.
Reference trading plan:
Entry SHORT#BITCOIN: 59,000$Â
Stop Loss: 59,800$
Always be careful and stick to your trading plan! đâ€ïž
