Happy Friday and my last day here in New York!
I am seeing a huge amount of Bear charts here on trading view and other sites, so I wanted to look at support zones and why we will hold $10,000!
Let's have a look...
At $11,551 we have a horizontal support crossing from January 2018.
We have diagonal support that held this region pushing us higher from June 2019
A lower diagonal support that is untouched from April 2019
And we have our parabola that remains untouched and unbroken from the bottom of this run up from $3224
I have added some arrows on the chart as potential price pathways, and these are in line with a chart I did previously and a pattern to watch out for in this region as we consolidate to move higher. (granted it is higher than I anticipate, but we trade the waves as they break higher and move our stops into profits)
Right now I believe we will retest this previous high, before a retest to support. (as shown on chart)
I want you to all think about this the next time you see a BTC Bear Chart...
What support has broken?
Is the price getting quickly bought up on ANY drop?
Are we constantly breaking the highs?
UNTIL ALL OF THAT IS NOT IN BTCs REALITY... WE ARE MOVING HIGHER
WELCOME THE BULLS
REMEMBER IF YOU ARE PRACTICING SAFE... TRADING ALWAYS USE PROTECTION
(minimize your risk, use a stop loss. Especially in Margin Trades) ALWAYS!!!!!!!!!!!!!!!!!!!
The Legal stuff - I'm not financial adviser. Just a few quick thoughts - remember you sit at your computer, you push the buttons...
PS make sure you give me a like, that way you get updates as I post them.... :) <3
FULL DISCLOSURE I TOOK A 2.89% LOSS ON THIS TRADE