Please by all means tear my analysis apart. Im here to learn and would appreciate any comments on my charting or over simplified version of this complex issue.
9250 - 9400 seems to be resistance to me. The last attempt was unsuccessful. The way I think about Support/Resistance is like a horse trying to make a jump over a fence.
If it sucessfully jumps the fence....it takes off. If it fails to jump the fence, it has to turn around, go back and gather more momentum for the next attempt.
As I am new to trading, I have no idea which indicators are most suitable to judge whether resistance will be broken or support upheld. As a result of this I have been exiting my trades early on the approach to resistance levels.
I have been trading on the basis that BTC will stay within the above channel (RED AND BLACK LINES) and trend line (BLUE)
I enter on the red, and either exit before resistance or on approach of the blue trend line.
Ive entered this trade at 8680, I plan on exiting at 9250.
Your comments are much appreciated and thank you for your time.
BTCUSDT
Comment:
Seems it has made its mind up. A slow and steady bleed