BTCUSD
Hi everybody guys and hope everything is doing well. Finally we reached at the point both bears and bulls are tired of fighting to overcome and the result is such ridiculous range market in which no one knows to open short or long position. But good news is on way. The market needs to be alive and moving and that's why I think these days we could possibly see a determining movement.
At the moment we are at strong support line ( 9400-9500) which has been stabled for a few weeks. Market will be faced with two possible scenario:
The first scenario: price will break out the trend line and pass below the current strong support line and reach to the first next support line ( 9200-9300) with some corrective pullback and if this support line couldn't resist we will have the price on second next support line ( 7800) with some corrective pullback again. In this case, the market can see the price on the next support line ( 6900). The last two stage could be used to take long position.
The second scenario: price couldn't pass down the trend line and move toward the major and critical resistance line ( 10400) for fourth time and if can be stable there, then the next and most important movement will start beyond 11000.
If you ask me, I'm waiting for first signal which could be breaking out the trend line or not. This the critical point in my view.
please let me know your comment and opinion. I eagerly waiting to hear them.
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Just 24 hours after my analysis what exactly I predict happened!! For the first step BTC broke out the trend line below $ 9400 and move down the first support line on $9200-9300. This line couldn't resist and BTC keep going down toward second support line. NOW, it's time to fasten your seat belt and waiting for taking position for long a few steps ahead.