HI guys, just wanted to share this breakdown of the current situation. On the strong move up some zones of resistance were created (blue zones). These now act as support zones when the price is moving down and as resistance when the price is moving up. The lowest blue zone will act as major support as this is the former long term resistance area we finally broke through last week. Also the red diagonals are important trendlines to which the price will be attracted to or reflected of. You can use this as a guide to determine where the price would possibly reverse. Breaking above the upper red diagonal should be seen as a breakout out of a flag formation which is very bullish and could definitely result in a higher high than the top created last week. For now we are not there yet. Have to wait this out and see where we are heading. I wish you all good luck!
Comment:
Just wanted to add the bearish case as well as this is also a good possibilty. That would be falling trough the support zones one by one stairstepping down to the major support area. A clear bounce north of the major support area would then be a clear buy signal.
Comment:
Just broke down the support area at 2500 ish sats after holding quit sone time. Rejected by the upper red diagonal which is a strong trend. Looks like we are falling to the next support area as mentioned earlier. Expect the price to stabalize around 2360 - 2380 area and move sideways for a while again.
Comment:
Another rejection of the upper red diagonal trend?
