We have been bouncing off of my midterm Bullish trend line for the past couple weeks now. Couple things I am watching for at this point where we are looking for BTC to make uop its mind about where it wants to go.
For Bullish movement I am looking for a couple bullish candle closings positive of the resistance trend line that has been set and not broken for the last couple weeks. We may move down to 10500 area once more before we see what BTC wants to do, however, we are seeing semi-strong support at 11000.
Entry point ideally 10600-11200 with a reassessment at 14000 of bullish momentum. I will take partial positions out as I watch this trade progress.
For bearish movement I am looking for bearish candle closings below the midterm trend line. I am not looking to trade this as we have been bouncing off of the trend line, we could see price go back the linear regression line or through it so 9000 area or lower. Looking for a possible set up for a trade here if that happens.
Let me know your thoughts. Keep an eye on price action this weekend. Looking for movement once way or the other.
For Bullish movement I am looking for a couple bullish candle closings positive of the resistance trend line that has been set and not broken for the last couple weeks. We may move down to 10500 area once more before we see what BTC wants to do, however, we are seeing semi-strong support at 11000.
Entry point ideally 10600-11200 with a reassessment at 14000 of bullish momentum. I will take partial positions out as I watch this trade progress.
For bearish movement I am looking for bearish candle closings below the midterm trend line. I am not looking to trade this as we have been bouncing off of the trend line, we could see price go back the linear regression line or through it so 9000 area or lower. Looking for a possible set up for a trade here if that happens.
Let me know your thoughts. Keep an eye on price action this weekend. Looking for movement once way or the other.
Comment:
Price currently moving through the 11000 support. If candles close below 11000 we are looking for 10500 support.
Comment:
We have bounced of the midterm trend line once again and are currently retesting the short term resistance. how the price reacts to this short term resistance will be another indicator of future action. Look for closed candles outside of these trend lines.
Order cancelled:
never closed a candle in the buy range.