I redrew my green current support trendline on the 8H chart to more accurately depict BTC's support trajectory. I had published earlier tonight that the candle ending at 2000 hrs EST had closed below support, however after correctly redrawing the line I found that BTC closed above the trendline and that support had held. As the chart shows, BTC is now trading in no man's land in the middle of support at 60627 and resistance at 63322, with primary green trendline support at 61428 (white dotted lines). The current candle, which had briefly pierced though support, will close at 0400 EST (0800 UST). While BTC looks good for the moment, volume has dried up, so BTC could easily get pushed around between now and the candle close.
White lines of support and resistance have been cloned, and I have left them intact to illustrate the progression of BTC through these resistance zones.
Maintaining my long bias, will continue updates on 8H.
Happy trading!
The yellow trendline is longer term support with its origin on Dec 11, which was the start of the current uptrend.
Reinstating BTC long bias.
White lines of support and resistance have been cloned, and I have left them intact to illustrate the progression of BTC through these resistance zones.
Maintaining my long bias, will continue updates on 8H.
Happy trading!
The yellow trendline is longer term support with its origin on Dec 11, which was the start of the current uptrend.
Reinstating BTC long bias.
Comment:
Regarding the cloned lines of support, please note that all but one of them have been broken by a huge green candle to enter the next zone. I expect this to occur again at each resistance level until we hit the cycle high, wherever that lies.
