A follow up on my original analysis that went EXACTLY to plan!! (So far...) ha. Looks like a nice trading opportunity as price nicely broke the side-wards resistance. Does this mean it could now potentially turn into a new support? We will soon find out. Bitcoin has been pretty unpredictable as of late so it's wiser to wait a bit longer and wait for very firm set ups before jumping into the trade to monetise. Price followed my previous analysis perfectly and correction to side-wards resistance as support before a big move is a perfect follow through that makes complete technical sense. I am happy to see this and providing it holds as support then looks great for upside.
Another thing to bear in mind is that price can actually still retest the side-wards line as a support again before going up. Currently price just has a hammer rejection type candle which alone isn't much without the force of bears following through to validate the signal so this is something to definitely consider when executing trades at a corrective level after an impulse in this situation.
If Bitcoin fails to hold as support, the likely path is to the downside, with a test at the horizontal support zone just below the side-wards support line before a next potential bounce.
Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
Thank you for your support.
Another thing to bear in mind is that price can actually still retest the side-wards line as a support again before going up. Currently price just has a hammer rejection type candle which alone isn't much without the force of bears following through to validate the signal so this is something to definitely consider when executing trades at a corrective level after an impulse in this situation.
If Bitcoin fails to hold as support, the likely path is to the downside, with a test at the horizontal support zone just below the side-wards support line before a next potential bounce.
Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
Thank you for your support.
Comment:
A nice 150 points up from where entry was suggested. Could this mean more upside? We'll soon find out!
Well done to all who followed this one! :-)
Well done to all who followed this one! :-)
Looks like we could bull run for a bit but make sure you’re nimble when trading as it is still a strong unpredictable trading environment.
Please leave a LIKE. I’d really appreciate it :-)
Thank you for all your support.