Hello everyone ..
Bitcoin broken all ATH .. with a strong daily candle and so far price is sustaining above ATH ..
But now what ? and what to expect ..
We try to make things simple and find support lines and resistance to trade .. with best entry and exist possible .. without being caught .. whether you are a bear or a bull ..
My idea is to find a good trade on 4 hour time frame … as shown in the chart ..
Our long term support = green line been tested multiply times .. last week before market closed price has closed below green line
Which is bearish and price should fall after retest of broken trend line .. however .. when market closed
Price pushed back above green line with low volume .. this could be a bear trap
Orange line is Pivotal point for ATH .. which is a logical level .. of support after breakout ..
we have two selling barrier .. blue line and red line ..
Blue line is broken I expect it to be a strong support ..
Red line is still acting as a selling barrier .. so far
Now for buying idea ( bullish )
As a buyer you wanna buy from blue line to target red line ( stop 4 hour candle close below blue line )
As a buy you wanna buy from green line to target blue line and above .. ( stop 4 hour candle close below green line )
as a buyer you can buy from orange line to target blue or red line .. ( stop 4 hour candle close below orange line )
One thing to point out on RSI you want red line to act as support .. this could be bearish if price break this line
Now for selling idea ( bearish )
You wanna be a seller from red line to target blue line ( stop 4 hour candle close above red line )
4 hour close below blue line we sell target green line / orange line ( stop 4 hour candle close above blue line )
4 hour close below green line we sell target 14-12k Area .. ( stop 4 hour candle close above green line )
If price in RSI breaks red line this is a good indication for bearish side
There are two important charts I wanna point .. out just a thought .. why we could make a deep correction in play ..
using RSI module .. it always been helpful for me to indicate a trend line change or path
On weekly time frame on this chart RSI has broken Green line .. which should play as strong support if tested again ..
same time price is approaching a strong line which is red line .. could price reject from red line to test green line ?
On Monthly time frame on this chart RSI is coming to test this blue line .. which could trigger a sell off if it get rejected ..
or a strong bull run if broken ...
for any question feel free to ask and good luck traders :)
Bitcoin broken all ATH .. with a strong daily candle and so far price is sustaining above ATH ..
But now what ? and what to expect ..
We try to make things simple and find support lines and resistance to trade .. with best entry and exist possible .. without being caught .. whether you are a bear or a bull ..
My idea is to find a good trade on 4 hour time frame … as shown in the chart ..
Our long term support = green line been tested multiply times .. last week before market closed price has closed below green line
Which is bearish and price should fall after retest of broken trend line .. however .. when market closed
Price pushed back above green line with low volume .. this could be a bear trap
Orange line is Pivotal point for ATH .. which is a logical level .. of support after breakout ..
we have two selling barrier .. blue line and red line ..
Blue line is broken I expect it to be a strong support ..
Red line is still acting as a selling barrier .. so far
Now for buying idea ( bullish )
As a buyer you wanna buy from blue line to target red line ( stop 4 hour candle close below blue line )
As a buy you wanna buy from green line to target blue line and above .. ( stop 4 hour candle close below green line )
as a buyer you can buy from orange line to target blue or red line .. ( stop 4 hour candle close below orange line )
One thing to point out on RSI you want red line to act as support .. this could be bearish if price break this line
Now for selling idea ( bearish )
You wanna be a seller from red line to target blue line ( stop 4 hour candle close above red line )
4 hour close below blue line we sell target green line / orange line ( stop 4 hour candle close above blue line )
4 hour close below green line we sell target 14-12k Area .. ( stop 4 hour candle close above green line )
If price in RSI breaks red line this is a good indication for bearish side
There are two important charts I wanna point .. out just a thought .. why we could make a deep correction in play ..
using RSI module .. it always been helpful for me to indicate a trend line change or path
On weekly time frame on this chart RSI has broken Green line .. which should play as strong support if tested again ..
same time price is approaching a strong line which is red line .. could price reject from red line to test green line ?
On Monthly time frame on this chart RSI is coming to test this blue line .. which could trigger a sell off if it get rejected ..
or a strong bull run if broken ...
for any question feel free to ask and good luck traders :)