After this very strong move to the upside (short squeeze), BTC reached the resistance area at the weekly and the VAL and rejected the VAL almost to the exact dollar, also forming a double top with the 18th of July.
Now we are getting a nice pullback, but I wouldn't look for shorts as this move is pretty be strong.
We have nice support from 31.1 to 31.5k which we want BTC to hold.
If you are already in a long this could be a nice area to compound, if you are not in a long you could also add there if we see a rejection.
For a confirmation of a move higher (34.5-35k) we want the VAL to be reclaimed as it is an important level (could also enter a safe long if this level is reclaimed).
So watch this level for now and don't forget to manage your risk.
Any questions?
Good luck traders
Remember not to break your rules
Habib
Now we are getting a nice pullback, but I wouldn't look for shorts as this move is pretty be strong.
We have nice support from 31.1 to 31.5k which we want BTC to hold.
If you are already in a long this could be a nice area to compound, if you are not in a long you could also add there if we see a rejection.
For a confirmation of a move higher (34.5-35k) we want the VAL to be reclaimed as it is an important level (could also enter a safe long if this level is reclaimed).
So watch this level for now and don't forget to manage your risk.
Any questions?
Good luck traders
Remember not to break your rules
Habib
