Hi, friends. BTC reached the upper balance level and now I am expect a small rebound from it. Rebound needs - the price should rest before breakout 9770. Where we can join to this up trend? 1 enter point - 9500. 2 enter point - 9300. If the price breakout 9770 without a rollback to the support levels and the balance goes up, put a buy limit on 9775 for the retest. First target - 10700. If the price breakdown 9300, up trend will cancel and we will have a wide balance again.
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BTC Update - The price was not fixed above the level 9770 and now we have a false breakout. A false breakout is not a signal to the enter the market. It need's a confirmation. Confirmation will be if the price breakdown the level 9540. In this case we will see a fall to 8850. There is only one level of support that will probably keep the price from falling - it's bull zone 9250-9300.
If price drops to 9500 and 9300 wouldn't we have a double top? How do we know it will not simply go to sub 9k if it do not break above 9770?
mooncatcherpro
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@Djukic.nebojsa, Our assistants in this - volume and price behavior. Double top - classic figure of technical analysis, but we shouldn't to use it classically. Because if it's worked, it would be to easy to make money.
Bull impulse started from 9250-9300, so this support zone more strong and buyers must to protect it. So if this level would be breakdown, so bull are weak and the price with a high probability drop to lower balance level.
Trassos
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@mooncatcherpro, 9360 was flash tested. What you make of it? Did they tried to catch some stops or retest demand on those levels?