Scenario 1:
I'm waiting and seeing if the price will correct till the support level.
From the support level, I will see if the price rebounds positively or drops further to USD20k.
Scenario 2:
Alternatively, price retraces to the support level then rebounds to USD30k.
If price surpasses the resistance level, potentially can continue it's bullish momentum till USD40k.
Comment
At current level, price seems to be overbought based on the Stoch indicator. So a correction is likely.
Watching the resistance level closely as this will help me to determine if I can enter for a long position.
I'm waiting and seeing if the price will correct till the support level.
From the support level, I will see if the price rebounds positively or drops further to USD20k.
Scenario 2:
Alternatively, price retraces to the support level then rebounds to USD30k.
If price surpasses the resistance level, potentially can continue it's bullish momentum till USD40k.
Comment
At current level, price seems to be overbought based on the Stoch indicator. So a correction is likely.
Watching the resistance level closely as this will help me to determine if I can enter for a long position.