Between the higher low structure and the strong resistance
Hello all, I want to give an update of current market's condition. We have seen some high volatility movement lately in the last 8 hours, will it become the confirmation of the next potential moves? let's see!
There isn't any strong argument that can deny current resistance level that the bitcoin faces. There is a huge historical price action and the major psychological area above current price right now. Since the May 24th, 2020 the price has frequently printed a higher low moves which is a good sign for the bitcoin in overall. But, we've seen a type of bullish trap too that occurred between June 1st - 2nd.
So, considering the strong horizontal resistance ahead and the higher low structure since May 25th, I see that the bulls are trying very hard to gain any strong for the price to breaks out of the resistance zone. Now, assuming the ascending triangle to be in play, I'm pretty sure that the bulls will gain strength until it breaks out of the horizontal resistance. But, as a trader you may understand the risk of failure on any pattern which I can't ignore it. If the price breaks down of the trend line, I will get out of any trade that I'm in right now and will flip my long to short position.
We might see a further consolidation at this ascending triangle until it comes closer to the APEX and we'll see what will the next bias be. Currently still holding my long since $9500 but if the price breaks below the support trend line, I'll flip to short term short.
There isn't any strong argument that can deny current resistance level that the bitcoin faces. There is a huge historical price action and the major psychological area above current price right now. Since the May 24th, 2020 the price has frequently printed a higher low moves which is a good sign for the bitcoin in overall. But, we've seen a type of bullish trap too that occurred between June 1st - 2nd.
So, considering the strong horizontal resistance ahead and the higher low structure since May 25th, I see that the bulls are trying very hard to gain any strong for the price to breaks out of the resistance zone. Now, assuming the ascending triangle to be in play, I'm pretty sure that the bulls will gain strength until it breaks out of the horizontal resistance. But, as a trader you may understand the risk of failure on any pattern which I can't ignore it. If the price breaks down of the trend line, I will get out of any trade that I'm in right now and will flip my long to short position.
We might see a further consolidation at this ascending triangle until it comes closer to the APEX and we'll see what will the next bias be. Currently still holding my long since $9500 but if the price breaks below the support trend line, I'll flip to short term short.
