Updated Support/Resistance Chart We have closed above buy/sell!
Just a quick update on which lines are now support and which are now resistance....also We have officially closed 1 4 hr candle above the buy sell line (in orange). A few more closes above that(which I'm confident we will get) and we are back in a buyers market! Onward and upward!
Comment:
so current support is the grey fib extension at 8557 and current resistance at 8605...that's less than a $50 range so it will be very temporary with I'm guessing due to the confirmed wedge breakout that we will inevitable rise above the current resistance rather than fall below current support.
Comment:
well the price action has turned around about...likely consolidating so now resistance is back to the grey fib line...making the buy sell line the current support again...let's hope the buy sell line holds.
Comment:
so far the 50ma is definitely maintaining support but has only been tested once as support so far ont his new candle. The 50 MA is also sloping downward still which means on the enxt 4 hour candle it will likely be lower which, if it continues to play support, means the price action will also dip slightly lower until a line above it takes over as support or it finds a way to switch its slope to an upward direction.
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just had a huge sell...most likely people taking profits from the big run up but this is a huge dip I exited my position to be safe with a stop loss set to reenter right below where I exited at.
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People taking profits triggered some auto sells and caused the price to plummet briefly finding support at the bottom of the previous 4 hour candle's body...I did a quick market sell and buy back and was able to accumulate a another .01 btc i the process. Now we must retest the green channel wall again to see if the plummet will cause it to act as resistance at all.
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just bounced down off green channel wall so it is now at least temporariliy serving as resistance.
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the concern now is if in 2 and a half hours when the current 4 hour candle closes...if it closes as a bearish engulfing candle which is what it's current price action is then we are still very much in a sellers market under the 50 MA and we could then dip down further to test deeper lines of support...hopefully the t line could sustain support but if not then we would likely be looking all the way back down to the purple top wedge line to give us support....with a chance the white fib line(which is now slightly above the wedge line) might be able to block it from dipping down as well....currently we just dipped all the way back to the lavender fib line which just provided some support but uncertain if it can sustain that support or not.
Comment:
lavender 23.60% fib extension line at ($8243) is now the current support for this 4 hr candle...I will set a stop sell 2 pips below that either the green descending channels top trendline or the 0% fib extension line is now the current resistance....we need to see a big upward bounce to prevent this becoming a bearish engulfing candle.
Comment:
the current resistance appears to be where the last 4 hour candle had its open. If we can't get above the open of the last candle this will become a bearish engulfing candle...in which case since then we would also still be under the buy sell line a short might be in order with a limit buy eith just above the t line if I was feeling more adventurous just above the white fib extension...and if was feeling even more adventurous just above the purple wedge line....and if I was feeling super magicpoopcannon level bearish I might wait until it went back inside the wedge and bounced off the bottom of the wedge....I think overall my safest bet is to hold and if I risk anything, make it a very fractional amount since I've already snagged a little extra btc on the initial plummet.
Comment:
a welcome break above the previous 4 hours open....now to retest the descending green channel line...woud be a great sign if we can close above that line an hour and 45 minutes from now.
Comment:
for now the green trend line has become fairly strong resistance again. that may change before we clsoe this candle though.
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one good sign right now is that the open of the last 4hr candle is now starting to act like support again instead of resistance...if it can maintain that by the time it closes then the probability of the bull trend continuing is much more favorable, even if we close below the green descending trendline.
Comment:
back above the green descending channel trendline now we need to see if it will stay above it flipping the trendline back over to a line of support.
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its very stubbornly floating right on the greent rendline now....but I'd say as long as we stay above the last candles open things still have a bullish outlook.
Comment:
so fortunately the last 4 hour candle closed not only above the previous open...but also above the green descending trendline...it is now currently serving as support with the 50MA still serving as resistance.