Bitcoin: simple trading tips for novice traders on August 11. Overview of yesterday crypto market trades

Tips for trading
BTC Yesterday, Bitcoin did not move according to the plan, failing to give any market entry signals. The US inflation data had no impact on BTC, disappointing traders who were betting on a bullish trend, especially after favorable growth earlier this week, approaching $30,000. Today, Bitcoin's direction is unlikely to see significant changes, mostly maintaining a sideways movement. Nonetheless, it is better to stick to scenario 1.

Buy signal
Scenario 1: Today, you may buy Bitcoin when it reaches the entry point near $29,480 (green line on the chart), aiming for growth toward $29,780 (thicker green line on the chart). It is better to close long positions and open short ones near $29,780. Expecting substantial Bitcoin growth today might be overly optimistic, but a gradual upward movement toward $30,000 may occur. Important! Before buying, make sure that the MACD indicator is above zero.

Scenario 2: Another opportunity to buy Bitcoin today arises if the price tests $29,330 twice. This would limit the downward potential of the trading instrument and trigger an upward market reversal. We can also anticipate a rise towards the opposing levels of $29,480 and $29,780.

Sell signal
Scenario 1: Selling Bitcoin today is possible after $29,330 (red line on the chart) is breached, leading to a rapid decline in the trading instrument. Bears' key target would be $29,037, where you may close short positions and open long ones. Pressure on Bitcoin will intensify if bulls show weak activity near the daily peak range. Important! Prior to selling, make sure that the MACD indicator is below zero.

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