Let's analyse BTC/USD and use simple facts to make this analysis. Price reached the resistance zone formed by the downtrend at 7770. We will have a downwards price reversal from this zone. Current levels can be looked at for developing further downward movement. Price is trading right at the side-wards support level and looks like it is about to break below the line and trade down to the horizontal support level at 6600.
Price will break down in one of two ways, they are:
- Price breaks and closes below the side-wards support line at 7520, and price will immediately move down to the horizontal support zone at 6600.
- Price retests the side-wards support zone at 7520, and travels up to the higher horizontal resistance boundary at 7800 before breaking down once again below the side-wards support, down to the lower support boundary at 6600.
The only way I will change my mind on price trading to the downside is if price breaks above 8007.00. If price breaks this level, I believe the upside will continue. Although possible, this isn't likely.
Bare in mind, just because 6600 is the lower support boundary, it does NOT mean it will necessarily travel this low, it is just a possibility.
Also bare in mind that when price breaks and closes below the side-wards support line at 7520, price action could retest the side-wards level as a new resistance before breaking down to the support zone at 6600.
I will continue to update this analysis if enough people request it.
Please leave a LIKE and follow. I'd really appreciate it.
Price will break down in one of two ways, they are:
- Price breaks and closes below the side-wards support line at 7520, and price will immediately move down to the horizontal support zone at 6600.
- Price retests the side-wards support zone at 7520, and travels up to the higher horizontal resistance boundary at 7800 before breaking down once again below the side-wards support, down to the lower support boundary at 6600.
The only way I will change my mind on price trading to the downside is if price breaks above 8007.00. If price breaks this level, I believe the upside will continue. Although possible, this isn't likely.
Bare in mind, just because 6600 is the lower support boundary, it does NOT mean it will necessarily travel this low, it is just a possibility.
Also bare in mind that when price breaks and closes below the side-wards support line at 7520, price action could retest the side-wards level as a new resistance before breaking down to the support zone at 6600.
I will continue to update this analysis if enough people request it.
Please leave a LIKE and follow. I'd really appreciate it.
Remember guys, trade what you see, and not what you think.
Once again I'm glad to be your one stop shop for reliable and consistently profitable Cryptocurrency analysis!
Good weekend to you all. :-)