Let’s look at this daily range differently.
I happened to pull the range lows down to the $56,000 bottom, rather than the one above $60,000 that was first made. As you can see, we have multiple instances of resistance and support at the dashed equilibrium - right where price was rejected today.
Always take TA with a grain of salt - you can do exactly what I just did… move lines and change the narrative. Still, it is often worth taking a solid look again after there is new price action.
The lower red line is the bottom of the old range. The higher red line is the EQ of the old range, for reference.
Regardless, price is struggling at the blue 50 MA now, after a sizable move up. No big deal. We should be happy price is back in all ranges and trading up. Some retracement is nothing for now.
I happened to pull the range lows down to the $56,000 bottom, rather than the one above $60,000 that was first made. As you can see, we have multiple instances of resistance and support at the dashed equilibrium - right where price was rejected today.
Always take TA with a grain of salt - you can do exactly what I just did… move lines and change the narrative. Still, it is often worth taking a solid look again after there is new price action.
The lower red line is the bottom of the old range. The higher red line is the EQ of the old range, for reference.
Regardless, price is struggling at the blue 50 MA now, after a sizable move up. No big deal. We should be happy price is back in all ranges and trading up. Some retracement is nothing for now.
info@thewolfoallstreets.io
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
info@thewolfoallstreets.io
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.