Resistance turns SUPPORT - BITCOIN
Updated
Ahoy Traders!
I keep this chart simple.
We can see that the downtrend line(s, depending if you favour closing prices or not) that have been acting as resistance ever since the all time high are starting to be incrementally respected as support.
From the initial fake out that sent the market to the recent decline towards the 9200ish area, we're now seeing the third attempt to meaningfully break the prevailing downtrend. This time around, however, it appears to me that the market starts to consider this trendline as a level of support after the most recent break above. These are iffy candles that are still marked by the scepticism one can expect after months of bears calling the shots, and the scare of a fake out during the previous attempt.
Let me be clear here. I believe we could see the turning point here. We're seeing less vicious selling pressure now, even when prices start to slighlty retreat. This appears to be in contrast to the action during the fake out seen before, which bulltrapped those that bought into the fake out, and thus entailed comprehensive and relentless selling pressure.
TWO bull flags have now formed after solid volume pushes. The break of the current bullflag would signal to me that the bears have been eventually exhausted.
Good luck in your decisions, and trade with care!
moontumble
I keep this chart simple.
We can see that the downtrend line(s, depending if you favour closing prices or not) that have been acting as resistance ever since the all time high are starting to be incrementally respected as support.
From the initial fake out that sent the market to the recent decline towards the 9200ish area, we're now seeing the third attempt to meaningfully break the prevailing downtrend. This time around, however, it appears to me that the market starts to consider this trendline as a level of support after the most recent break above. These are iffy candles that are still marked by the scepticism one can expect after months of bears calling the shots, and the scare of a fake out during the previous attempt.
Let me be clear here. I believe we could see the turning point here. We're seeing less vicious selling pressure now, even when prices start to slighlty retreat. This appears to be in contrast to the action during the fake out seen before, which bulltrapped those that bought into the fake out, and thus entailed comprehensive and relentless selling pressure.
TWO bull flags have now formed after solid volume pushes. The break of the current bullflag would signal to me that the bears have been eventually exhausted.
Good luck in your decisions, and trade with care!
moontumble
Note
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.