Morning Traders,
After price drop of 21% we can see slowly rising price. Price just Break through upper Tl of the channel – Resistance.
Last candle (size of over 500$) may close over the top of the channel. Last candle may be the signal of long position.
But be careful, some time next candle may return to TL to indicate that TL perhaps will be support.
Also we have resistance level of 50,000$.
I will wait for H1 candle closed above this level.
Momentum is become strong on rising trend and approaching buy zone.
Recommendation: Go down on the to H1 chart and wait what will happen with resistance level and situation with resistance on channel. Only strong candle (read long candle) we may have long position signal.
Please do not forget to like this analysis. Thank you.
Cheers,
Jim
After price drop of 21% we can see slowly rising price. Price just Break through upper Tl of the channel – Resistance.
Last candle (size of over 500$) may close over the top of the channel. Last candle may be the signal of long position.
But be careful, some time next candle may return to TL to indicate that TL perhaps will be support.
Also we have resistance level of 50,000$.
I will wait for H1 candle closed above this level.
Momentum is become strong on rising trend and approaching buy zone.
Recommendation: Go down on the to H1 chart and wait what will happen with resistance level and situation with resistance on channel. Only strong candle (read long candle) we may have long position signal.
Please do not forget to like this analysis. Thank you.
Cheers,
Jim
Comment:
This is H1 chart with additional TL. TL will make support if price reverse.
Comment:
Sorry I forgot to mention that red vertical line indicate in the future change of the price move direction.
Comment:
Now price is on the last point of momentum resístanse. This could be either stop and reverse or momentum will break through. This crucial moment for continue previous trend.