BTC has been flirting with braking the long running macro uptrend but current price action has some semi bullish signals for the next few days.
This is a daily line chart and there seems to be several things pointing to the 30350-500 area as key point of confluence for a possible reversal.
The line chart only considers the daily close price and as of writing has held this trend with a small push to the upside and POSSIBLY forming a small reverse head and shoulders pattern with a target area lineing up with the monthly close price, weekly close price, and the .59% retrace level commonly respected in the "golden pocket".
What can we expect at this level. IF BTC is going to have some kind of macro rejection and officially close a daily below its long running macro uptrend a final rejection would be expected in the 30500 area.
Current trading idea is to take a long position from the current level with a 1% stop loss below the local low and potential right shoulder for a 3-3.5% move to the upside followed by a short trade if a reversal signal is provided from the 30350-500 level for a possibly larger move to the down side.
Total Confluence for 30350-30500 serious resistance level:
59% retrace of last swing high to low
Reverse Head and Shoulders Target
Monthly and Weekly Close Price (high time frame resistance)
Local Value Area High Just Below
Trade Well......
This is a daily line chart and there seems to be several things pointing to the 30350-500 area as key point of confluence for a possible reversal.
The line chart only considers the daily close price and as of writing has held this trend with a small push to the upside and POSSIBLY forming a small reverse head and shoulders pattern with a target area lineing up with the monthly close price, weekly close price, and the .59% retrace level commonly respected in the "golden pocket".
What can we expect at this level. IF BTC is going to have some kind of macro rejection and officially close a daily below its long running macro uptrend a final rejection would be expected in the 30500 area.
Current trading idea is to take a long position from the current level with a 1% stop loss below the local low and potential right shoulder for a 3-3.5% move to the upside followed by a short trade if a reversal signal is provided from the 30350-500 level for a possibly larger move to the down side.
Total Confluence for 30350-30500 serious resistance level:
59% retrace of last swing high to low
Reverse Head and Shoulders Target
Monthly and Weekly Close Price (high time frame resistance)
Local Value Area High Just Below
Trade Well......
