Hello Traders,
- Please do like or comment if you like the idea :)
- Looking at the 4H chart time frame we can see clearly that buyers had successfully bounce back from strong level of support on 5.5$ after a decent downtrend that started from May 5th , confirming that sellers have lost their control ,
with the trend reversal , making a new higher low.
- Price is holding on local support 8.05$ buyers will try to push the price higher towards Strong S/R level on 8.80$ even we get a rejection towards old level or support or breaking level 8.80$ which will show that buyers have steam to push price higher.
- We can see clearly that EMA20 crossed EMA50 which show us that a continuation for the uptrend is possible also acting as dynamic support for the price , Fibonacci 0.618 level is located on this level which give us a better confluence
for the market bias.
-I will be watching on 4H chart time frame how the candle will behave towards resistance level 8.8$ also based on the USDT.D chart we can see that USDT dominance showing some resistance and indicate that Altcoins will have some relief same goes for #BTCUSDT
Good luck traders!
Trade closed: target reached