BTC has now been in a fairly narrow trading range between approximately 6560 and 6850 for 3 full days and is currently hovering around 6700.
I have provided my current weekly (yellow) and daily (white) support levels in this chart.
A retest of the 6660 daily support level would offer a buying opportunity with an initial target just below daily resistance of 6850.
In general, the more often a level is tested, the greater the chance it can "give way".
If this daily resistance near 6850 is challenged and does not hold, a test of the daily 7040 level and perhaps even 7240-7280 is possible.
As always, be sure to set your target(s) and stop loss(es) based on your risk tolerance and position size.
BuyZone
6640 - 6666
Target 1
6824 - 6848
Time Frame
4 hours - 48 hours
BTCUSD
I have provided my current weekly (yellow) and daily (white) support levels in this chart.
A retest of the 6660 daily support level would offer a buying opportunity with an initial target just below daily resistance of 6850.
In general, the more often a level is tested, the greater the chance it can "give way".
If this daily resistance near 6850 is challenged and does not hold, a test of the daily 7040 level and perhaps even 7240-7280 is possible.
As always, be sure to set your target(s) and stop loss(es) based on your risk tolerance and position size.
BuyZone
6640 - 6666
Target 1
6824 - 6848
Time Frame
4 hours - 48 hours
BTCUSD
Trade closed: stop reached:
BTC has completely broken market structure over the past 6 hours with the most recent dump and is currently trading around 6270.
A near-term test of the 6000 - 6166 level is possible.
If we see a spike upward toward my weekly level of 6425 and a rejection in the low 6400s,this will present a support-turned-resistance shorting opportunity.
A near-term test of the 6000 - 6166 level is possible.
If we see a spike upward toward my weekly level of 6425 and a rejection in the low 6400s,this will present a support-turned-resistance shorting opportunity.