Long
BULLS CASE for BTC at S/R zone
BULLS CASE:
Bitcoin is currently resting on the 20400 - 20500 S/R area. This has often resisted PA on first contact. There's also a CME gap at 21700 that needs to be filled. Lastly, there's the uptrend line on which PA is also resting.
Breaking the S/R and uptrend line will be a strong case for bears and only a confirmation away from a short trade.
For now, I'm counting on the S/R to do what it does best - resist price at first contact. So I'm opening a small long here, with tight stoploss.
Bitcoin is currently resting on the 20400 - 20500 S/R area. This has often resisted PA on first contact. There's also a CME gap at 21700 that needs to be filled. Lastly, there's the uptrend line on which PA is also resting.
Breaking the S/R and uptrend line will be a strong case for bears and only a confirmation away from a short trade.
For now, I'm counting on the S/R to do what it does best - resist price at first contact. So I'm opening a small long here, with tight stoploss.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.