Bitcoin – Smart Money Level To Pay Attention!

Bitcoin – Smart Money Level To Pay Attention!

 

Note how BTC failed to close any candles above the yellow line (smart money level) and the price was rejected at exactly the “double resistance” I pointed out earlier. Given the importance of this resistance, a breakout on the first try would be very unlikely, especially coming from a 38% rally in just over a month. A breakout on first try is usually rare and almost always ends up as a bull trap in the pullback in a context like this, then in this case we can consider the second attempt as the first one with chances of breakout and despite being quite bullish in the medium and long-term, I would recommend a buy only with the breakout + confirmation pullback above the yellow line. Regardless of the scenario, you should never buy on a resistance or sell on a support.