High probability trade:
Open position @ $9,536.59
Close position @ $9,119.81
The EMA 100 was lost on the daily as well as the pivotal support level of $9,536.59. Zooming into the 4-hour time frame, we can see this support level now holding as resistance as it was tested multiple times during consolidation, with price unable to move upwards. I’m expecting price to bounce off this resistance level down to the next critical support level of $9119.81 where we will likely see some consolidation before dropping further.
Hopefully we can gain a foothold in the low $9,000s, as the next stop would likely be in the low to mid 8k range and begin to threaten the EMA 200.
Let me know your thoughts in the comments!
Open position @ $9,536.59
Close position @ $9,119.81
The EMA 100 was lost on the daily as well as the pivotal support level of $9,536.59. Zooming into the 4-hour time frame, we can see this support level now holding as resistance as it was tested multiple times during consolidation, with price unable to move upwards. I’m expecting price to bounce off this resistance level down to the next critical support level of $9119.81 where we will likely see some consolidation before dropping further.
Hopefully we can gain a foothold in the low $9,000s, as the next stop would likely be in the low to mid 8k range and begin to threaten the EMA 200.
Let me know your thoughts in the comments!