Here, you see R1 as a resistance line and it shows that the price was unable to rise. And S1 used to be a resistance line and you see that the price could not rise over it. Now, we have the price fluctuating on S1 and we consider a long position for it and we believe it will rise toward R1. If the price loses the support at this point, then a fall will be waiting for it and the price will move below S1, which is less probable at the moment.
Warning: This is just a suggestion and we do not guarantee profits. We advise you to analyze the chart before opening any positions.
There is a very good R:R to your posted trade. Looking at the crypto market though, is very weak and I don't expect a big reversal from this support. I'm more inclined to a break down rather than up. We'll see Thanks for posting
Looking at the crypto market though, is very weak and I don't expect a big reversal from this support.
I'm more inclined to a break down rather than up.
We'll see
Thanks for posting