Hi Traders,
So we got a fakeout from the top resistance level, for a fail to close above the level and to then make a large move down. Prices found sensitivity at the the 50MA and sensitivity just above the confluence zone seen below. Prices are now currently rising towards a resistance level at $38,000, if prices reject this level as resistance we can expect prices to continue back down towards the confluence zone below.
However, if prices manage to break $38,000 and close above with increasing buy volume we will then expect prices to continue bullish or at least go into a range at the top. Buy volume is currently weak and will need to build to break $38,000
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
So we got a fakeout from the top resistance level, for a fail to close above the level and to then make a large move down. Prices found sensitivity at the the 50MA and sensitivity just above the confluence zone seen below. Prices are now currently rising towards a resistance level at $38,000, if prices reject this level as resistance we can expect prices to continue back down towards the confluence zone below.
However, if prices manage to break $38,000 and close above with increasing buy volume we will then expect prices to continue bullish or at least go into a range at the top. Buy volume is currently weak and will need to build to break $38,000
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
