Backtesting support flipped resistance and DTL of consolidation
Bitcoin flipped support and now back testing it as resistance. Price also close to the down trend line of this short term consolidation. To get short term bullish I would want to see a push through the LVN (3730-3785). Volume and volatility has been decreasing.
Supports-There is another LVN which has been a decent S/R zone at 3575-3560 where we found support on the last drop. A break of that zone and I will be watching the LVN 3400-3370 for short term resistance.
Resistances- The LVN described above at 3730-3785. I think there will also be some supply waiting at 3870 which is the POC from this build out dating all the way back to the end of November.
Supports-There is another LVN which has been a decent S/R zone at 3575-3560 where we found support on the last drop. A break of that zone and I will be watching the LVN 3400-3370 for short term resistance.
Resistances- The LVN described above at 3730-3785. I think there will also be some supply waiting at 3870 which is the POC from this build out dating all the way back to the end of November.
Comment:
attempting a breakout?
Comment:
That big area of supply at 3875 showing itself. A 2nd trip up there and will be looking for a push above it to 4k area. Buyers need to keep it above this LVN now and keep the momentum going or risk this being another failed attempt higher.