Bitcoin broke out of the downtrending channel a week from today and has been consolidating all week retracing and extending between the 6,220-6,620 price levels.
I am anticipating another retest of support before pushing back to 6,600 price level since another lower high was made yesterday.
My entry and exit are marked on the chart. Two price directions with both coming down to the 6,220-6,300 price support.
My indicators are supporting consolidating price action. Today or tomorrow should be the make or break within these support/resistance levels
The last few months price action has reacted negatively before the expiration of btc futures, the last futures of the month do not expire for 10 days, which can lead to more consolidation and a last minute dip.
This was done on an hourly chart, if you change over to the 2hr-4hr you notice btc is not receiving the buying pressure needed in order to push it thru the 125EMA.
Will do a new post once support/resistance is broken
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
Completed 9:58am (UTC-7) LOS ANGELES
I am anticipating another retest of support before pushing back to 6,600 price level since another lower high was made yesterday.
My entry and exit are marked on the chart. Two price directions with both coming down to the 6,220-6,300 price support.
My indicators are supporting consolidating price action. Today or tomorrow should be the make or break within these support/resistance levels
The last few months price action has reacted negatively before the expiration of btc futures, the last futures of the month do not expire for 10 days, which can lead to more consolidation and a last minute dip.
This was done on an hourly chart, if you change over to the 2hr-4hr you notice btc is not receiving the buying pressure needed in order to push it thru the 125EMA.
Will do a new post once support/resistance is broken
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
Completed 9:58am (UTC-7) LOS ANGELES