In my last update I gave you the pitchfork as resistance, we tested it twice before dumping.
I also said if we lose the daily at 66k, it's gonna look pretty bearish, and you can see as soon as we lost it volatility increased
Well, guess where we bounced : the median of the pitchfork (in red)
This pitchfork has just been respected so well, even though we've had it on our chart for a long time already, it has simply offered us amazing trades.
We now have a new daily above us at 67.6k, which will need to be reclaimed for BTC to show strength
I would like to see a break of 60k
The weekly at 60.9k is a very important support, which is also in confluence with the POC of this long range (from the 15th of October till now) and the lower .25 of the pitchfork which has been tested multiple times but was never lost.
So we have nice confluence in this area (60.5-62k), it's the next important support I would look at.
If you missed the short from the top of the pitchfork, or from the retest of the daily at 66k (on the 15min time frame) as resistance, this isn't a great place to trade in my opinion.
I say it a lot and will say it again : long support, short resistance, it's simple.
Please always keep this in mind when taking a trade
Any questions?
Good luck traders
Remember not to break your rules
Habib
I also said if we lose the daily at 66k, it's gonna look pretty bearish, and you can see as soon as we lost it volatility increased
Well, guess where we bounced : the median of the pitchfork (in red)
This pitchfork has just been respected so well, even though we've had it on our chart for a long time already, it has simply offered us amazing trades.
We now have a new daily above us at 67.6k, which will need to be reclaimed for BTC to show strength
I would like to see a break of 60k
The weekly at 60.9k is a very important support, which is also in confluence with the POC of this long range (from the 15th of October till now) and the lower .25 of the pitchfork which has been tested multiple times but was never lost.
So we have nice confluence in this area (60.5-62k), it's the next important support I would look at.
If you missed the short from the top of the pitchfork, or from the retest of the daily at 66k (on the 15min time frame) as resistance, this isn't a great place to trade in my opinion.
I say it a lot and will say it again : long support, short resistance, it's simple.
Please always keep this in mind when taking a trade
Any questions?
Good luck traders
Remember not to break your rules
Habib
