Bitcoin is now trading right at the top of the side-wards resistance, and appears to be showing strength right at this level! 4 candles back there was an impressive pin bar candle which appears to completely decimate the bears and shows a genuine bullish buy back. I know someone will say "But tom that candle looks like a hanging man therefore you're an idiot", yes, thanks username Troll420NoScope, I am aware of this. It is what happened after the hanging man that interests me. Price supported on the 20 with the hanging, then on the 50 with the hanging body and following candlesticks.
There's 2 scenarios that will play out for BTC now.
1) BTC will break above 6780, and then retest the side-wards resistance line as a support. This is a terrific buy opportunity, especially if there's a rejection candle on the retest, it would show some enthusiastic bulls are in the marketplace wanting more action.
2) BTC will correct lower, having a candlestick close below 6540. this'd indicate bearish downside, but it isn't worth shorting it, as the correction will likely be volatile and unpredictable, and riding all the way to the lower support zone in one swing would be far from certain.
I favour the long scenario here if it appears. If scenario 2 does play out, it's at your own risk that you take it, as I perceive some risks. Despite this, things change in trading in a heart beat and I could change my mind on this. Let's see how it goes for the time being.
All depends on this small defined range guys. Be patient.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
Just a side-note: all trolls will be ignored by me for now on. They will immediately be reported to moderators. I encourage all my users who like my content to also do the same, so we can all make the TradingView community a better place. :-)
Thank you for your support.
There's 2 scenarios that will play out for BTC now.
1) BTC will break above 6780, and then retest the side-wards resistance line as a support. This is a terrific buy opportunity, especially if there's a rejection candle on the retest, it would show some enthusiastic bulls are in the marketplace wanting more action.
2) BTC will correct lower, having a candlestick close below 6540. this'd indicate bearish downside, but it isn't worth shorting it, as the correction will likely be volatile and unpredictable, and riding all the way to the lower support zone in one swing would be far from certain.
I favour the long scenario here if it appears. If scenario 2 does play out, it's at your own risk that you take it, as I perceive some risks. Despite this, things change in trading in a heart beat and I could change my mind on this. Let's see how it goes for the time being.
All depends on this small defined range guys. Be patient.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
Just a side-note: all trolls will be ignored by me for now on. They will immediately be reported to moderators. I encourage all my users who like my content to also do the same, so we can all make the TradingView community a better place. :-)
Thank you for your support.
We could potentially test that horizontal support if things continue like this. I kind of knew it was going down in my heart since the resistance was huge, but I ALWAYS look at both sides of the trade. That's the entire point of TA. :-)
Please leave a LIKE. I'd really appreciate it. :-)