BATETH on Binance, 30m
After breaking upward near the tip of a descending triangle, we've locked into a consolidation phase with movement going sideways.
Remember we must have at least two touches to form a line of resistance or support.
Support
We've got a solid support line (Green) with six touches, so if it finally does break through downward, I expect quite a bit of a fall before a bounce into an uptrend.
Resistance
Similarly, we've got two lines of resistance keeping us in the rectangular shaped consolidation phase. The first line of resistance is around 110000, and the second line of resistance around 111900 give or take. If it breaks through the first line of resistance, it will be good to watch how it tests against the second line of resistance. It it breaks through the second line of resistance, we could see some decent movement up.
Any time price is moving sideways, getting in on the action feels like a gamble. Sitting on the sidelines and waiting to see if the bulls or bears is going to win is probably the best play right now.
After breaking upward near the tip of a descending triangle, we've locked into a consolidation phase with movement going sideways.
Remember we must have at least two touches to form a line of resistance or support.
Support
We've got a solid support line (Green) with six touches, so if it finally does break through downward, I expect quite a bit of a fall before a bounce into an uptrend.
Resistance
Similarly, we've got two lines of resistance keeping us in the rectangular shaped consolidation phase. The first line of resistance is around 110000, and the second line of resistance around 111900 give or take. If it breaks through the first line of resistance, it will be good to watch how it tests against the second line of resistance. It it breaks through the second line of resistance, we could see some decent movement up.
Any time price is moving sideways, getting in on the action feels like a gamble. Sitting on the sidelines and waiting to see if the bulls or bears is going to win is probably the best play right now.