BTCUSD Intraday|local support|Dynamic resistance|Monday’s RangeEvening traders,
Today’s analysis – BTCUSD = intraday scalp, breaking either two technical levels will valid a trade with predetermined targets.
Points to consider,
- PA consecutive lower highs
- Local support zone (Supply)
- Dynamic resistance (Apex)
- Oscillators below 50
- Local PA (bearish)
BTCUSD’s Intra-day price action is bearish, respecting dynamic resistance. A breach of this level will validate a scalp long.
Local support zone is currently holding, price is travelling into its apex where a break will be imminent. Breaking support will validate a scalp short into Mondays low.
Both oscillators are below 50, this shows weakness in the short term, recovery will coincide with an oversold bounce from Mondays low.
Overall, in my opinion, immediate PA is bearish until it breaks dynamic resistance that is in confluence with local support zone (Apex). A scalp trade is valid in either direction; discretion is to be used upon management.
What are your thoughts?
Thank you for following my work!
And remember,
“Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.”
― Yvan Byeajee,
