Let's see how BTC is behaving.
This is a 1H chart. (Valid for 24 hours)
We were right about the support level.
The Fib retracement shows that the price is consolidating in a sideways channel and gathering buy volumes.
Support levels: $35530 - $34250
Resistance Area: $36550 - $37500
(Bollinger Bands can work as support and resistance too)
The market is showing STRONG SELL volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is below the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $36304
Let me know your ideas.
Good luck.
This is a 1H chart. (Valid for 24 hours)
We were right about the support level.
The Fib retracement shows that the price is consolidating in a sideways channel and gathering buy volumes.
Support levels: $35530 - $34250
Resistance Area: $36550 - $37500
(Bollinger Bands can work as support and resistance too)
The market is showing STRONG SELL volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is below the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $36304
Let me know your ideas.
Good luck.
