MachiavelliTrader

Bitcoin :Pullback Pressure 10800 BUT Higher TF remains BULLISH

BINANCE:BTCUSDT   Bitcoin / TetherUS
This consolidation can breakout from either side but taking note of the current strength of both bulls and bears. the current area is a strong resistance formed by the midline of the current Bull channel . my last post I talked about possible 10800 to 10500 zone pullback. Chances are high that this pullback is still possible at the current resistance.

I have highlighted the 3 past point where traders reacted to this midline in the channel also we see a sideways trading taking place after the tight channel(purple color trendline channel) broke, thereby creating a head and shoulder like I stated in my last post. But is there any chances that BTC breaks upward? My answer is yes, BTC could break upward but in my opinion that chances is low compared to it pulling back. as Price is still at a very strong resistance and so far making lower highs below it.

As a futures trader, Buying a resistance can backfire faster than wildfire so I will wait patiently for this pullback to occur to buy more on pullback.

Happy Trading Bitcoin Futures .

Comments

good chart. I agree
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out