Bitcoin has strong resistance on 10.000 $. Trading Tips #1

Hello everyone. My name is Ozkan. I am an Quant Trader. It is my first post here and also first post of Bitcoin Trading. I will post regularly Forex, CFD and CryptoCoin trading analysis, Algorithmic Trading. I have 11 years experince on Forex & CFD Algorithmic Trading. I will not give you any trading suggestion. Because trading is a personal issue. Everyone has own trading reasons, methods and risk perception. I will post only what I am doing, which technics I use and how I trade.

Let's start.

As you can see above chart, there is a strong resistance on 10000 $. This level is also a psychological resistance level. It doesn't mean that the price will turn from here. Price is on overbought level now. If there is a strong bull trend, overbought is so normal.

Orderbook is showing us that lots of traders has sell orders near 10000$. It is about psychological resistance level. It shows us only that lots of traders think it is a good chance for profit taking. I am sure that they will buy Bitcoin again but they will wait.

In chart there is strong support level on 8000$. This level is crossed very fast. It might be wait for 8000$ to re-buy Bitcoin.

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