About mePositional Trader. Not your financial advisor. Mostly BTC. Open to chat.. Message me if you need to know anything related. Open for your views too! But, most importantly, do not miss my comments
As mentioned in comments of my previous idea, Btc daily chart has formed a rising wedge pattern which usually breaks down. At around 22400ish will be the support level to watch. If that holds on daily the original target of 28850 will be intact. If not, the support of 19150ish may be tested.
Currently it's at the 200 weeks EMA. Let's see if it holds. The next lower level will be around 19000s. The support shown on chart. The 28800 which was support, has now turned into resistance. If, any bounce, it will be limited to that resistance. If it breaks the 200 weeks EMA, that's gonna be the resistance as well.
Nothing much to say hear the title/heading says it all. Don't be happy yet! Continue with your shorts and trail your stop losses. 25000is may see a bounce for around a couple of thousands as was previous supports now turned as resistances. Refer my previous charts. Thank you.
On H1 you see my support at 28850ishwhich is holding strong since few days. Above, you see 200 day EMA is also strongly limiting upside with a strong rejection. At some point shortly, it's either or. Breakout or breakdown.
What do you think? Let me know in comments. My bias is for breakdown.
As you can see, there are lot many resistances to cross. To be able to cross em all we need a lot of volume. However, from the lows, it seems like a bit up is obvious. Not clear for me though. Overall, this can tempt you, and I bet you will fall for it! Watch 3 day chart!
It's obvious to see this. The levels that I marked on my previous chart, were significant. Now if you see the dashed line of support at 31800 is another important level. Imo that should hold for a little bounce. And if the bounce sustains on weekly, you know what. Happy trading!