BTCUSDT at 4h support, likely to head up to monthly resistance

The price is almost revisiting the 4h support zone. Lets long from this zone by slowly adding to the position. I believe this zone will hold the price and make the price move up towards monthly resistance. The target of this trade should be 43700 which is also the start of the recent break down and also the entry into the monthly resistance zone.

Comment:

This one tipped close to the stop loss, however, still in this position as a bounce I believe is imminent after sweeping the low. Therefore, we shall hold this a bit further. I will udpate the chart with updated stop loss and target later.

Comment:

There is a new 4h resistance 4HR1 marked on the chart which has formed now. This resistance is going to push the price down at some degree and cretae a pullback for this recent bounce. Therefore, it would be a good idea to book some profit in that range.

Comment:

I think, on this push, the price will break the 4h resistance 4HR1. The push back from that resistance I believe has already happened on this moved down where the price just shied away from the 4HR1 before getting pushed down. Therefore, some profit can anyway be booked when the price goes deep into that 4HR1 region, but its not necessary as the price is likely to head higher than that zone without any considerable pullback.

Trade closed: target reached:

This trade has finally completed. We reached our profit target finally after several days. We had several chances of profit taking and loading up again but I was not actively trading these days therefore, left the position intact. Currently the price is at the resistance but it is possible that with a bit of pushback from this level, it might try to break that resistance to go higher. We shall evaluate this pullback if there will be one and future trade idea in a next post.