These are some possible key areas of interest with arrows showing for bullish and bearish scenarios. I refer to an exact dollar amount for key levels, but they should be treated as general areas of support and resistance.
Bullish: If we continue upwards and break through some resistance at $27,275, I can see us possibly heading up to the next short-term area of resistance at $27,420. Here, there could be a pullback due to price pulling back at this level previously down to $27,350 (unmarked). If this scenario plays out, it's possible to continue the trend upwards to the next area of resistance which is around $27,550.
Bearish: If we are unable to break resistance at $27,275, we could see a drop back down to $27,070. Here, we could expect some support and a possible pullback to $27,160 before continuing the trend downwards to $26,950.
Bullish: If we continue upwards and break through some resistance at $27,275, I can see us possibly heading up to the next short-term area of resistance at $27,420. Here, there could be a pullback due to price pulling back at this level previously down to $27,350 (unmarked). If this scenario plays out, it's possible to continue the trend upwards to the next area of resistance which is around $27,550.
Bearish: If we are unable to break resistance at $27,275, we could see a drop back down to $27,070. Here, we could expect some support and a possible pullback to $27,160 before continuing the trend downwards to $26,950.
Comment:
Having the pull back to the previous low around $27,220 rather than the higher side of $27,275 for a bearish scenario would make sense. I may have marked the higher side of the levels.
Comment:
I am getting so used to trading ES, I forgot how slowly BTC moves. We are following those levels nicely so far and looking like we are heading in a bullish direction. Happy Trading
Comment:
Posting ideas publicly is nice because you can not adjust your drawings and can see your mistakes. But, so can everyone else haha. I think I need to tighten up my areas of resistance and support from now on just a little. It would make more sense to use rectangles as channels rather than a single line. The $27,420 area could extend downwards to $27,380 and still be perfectly reasonable. Ideas for the future
Comment:
I will be tightening things up from here on as far as predictions go. It's also extremly difficult to predict multiple bounces when the market can do whatever it wants. Price targets are probably a safer way to go, with channels for price to bounce around in. My ideas will become more helpful and accurate over time.
Trade closed: target reached:
Bearish target hit at $26,950 on June 4th