Hello Traders,
This is interesting situation on Bitcoin. Price is trap in triangle pattern. The limit of last swing should be 57,291.7.
Momentum is very weak an any price move is limited. Momentum stop on resistance level and now is even more weak. US dollar getting stronger than we should see Bitcoin weakening more.
TL2 hold the price and TL1 is even stronger, withhold many try to break through TL1 because we have resistance on 54,000 level.
Price target for long is 60,870.3 and for the short position 50,000. Support on 54,000 is holding price from drop more bellow support level.
We also have market structure pattern.
On the last green candlestick open and close price create resistance and support. Let us wait for the price to tell us what will do next.
cheers,
Jim
This is interesting situation on Bitcoin. Price is trap in triangle pattern. The limit of last swing should be 57,291.7.
Momentum is very weak an any price move is limited. Momentum stop on resistance level and now is even more weak. US dollar getting stronger than we should see Bitcoin weakening more.
TL2 hold the price and TL1 is even stronger, withhold many try to break through TL1 because we have resistance on 54,000 level.
Price target for long is 60,870.3 and for the short position 50,000. Support on 54,000 is holding price from drop more bellow support level.
We also have market structure pattern.
On the last green candlestick open and close price create resistance and support. Let us wait for the price to tell us what will do next.
cheers,
Jim
Comment:
Hi, Not to bad for single trade almost so far 5500USD!. Bat wait let see what price will do.
Comment:
I just have a comment that price should not drop bellow 50000.
but take a look what happen in this level in the passed, it was easy broken so many times,
that suggest that SR is not very strong. take a look chart bellow and look into red circles.
but take a look what happen in this level in the passed, it was easy broken so many times,
that suggest that SR is not very strong. take a look chart bellow and look into red circles.
Comment:
what do you think?