Just as we analyzed on the 28th of May 2019 (
) about the test of new support which was initially a resistance. Price came back down to that level(with two rejection wicks) and maintained it's stand at that level. BTCUSD price trend is now holding is levels and looking to consolidate more within these levels $8959.64 down to $8220.06. Thes levels are the main AREA OF CONCENTRATION, where price will likely hold within it and form a bullish move by test the support again and move higher to reach the targets give above or will break the newly found support and move lower. At the same time we are still looking at the 1 2 3 4 move which we talked about. The height of the move from 1 to 2 should be the profit target if move to the top of 2.( NOTE: IF IT BREAKS OUT)
Additionally, the throwback of the ASCENDING TRIANGLE CHART PATTERN has a probabilities of 64% chance of happening, and it is happened. The newly found RESISTANCE is now $8959.64( where the body of the candle stick closed, not the wicks).
Range movement of price will likely take place in the next coming days, before a major breakout.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
Additionally, the throwback of the ASCENDING TRIANGLE CHART PATTERN has a probabilities of 64% chance of happening, and it is happened. The newly found RESISTANCE is now $8959.64( where the body of the candle stick closed, not the wicks).
Range movement of price will likely take place in the next coming days, before a major breakout.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.