Here we go yet again. We've been watching this range for a few days and expected a 12 EMA rejection due to it holding support for so long and that often becomes resistance. This is now multiple rejections from our 12 EMA on daily. Similar to last post however, the more times a support or resistance is tested, it will eventually cave. The bulls have held support now down at $7427, $7450 and $7508 and now have resistances at $8097, $8134, and the 12EMA which continues to lower. Personally anything within the $7500 to 12EMA resistance range isn't of great interest to me so have remained patient. One can certainly seek bottom fishing plays along support and sells along 12 EMA and many traders have taken advantage of this for multiple trades over the last week. Just not something I have personally worked and will patiently wait for a break above or a flush below for a potential oversold bounce trade. Lets see if bears can drive price back towards support and if bulls can defend it or will the bulls retest our EMA resistance yet again?
Just My 2 Sats!
Just My 2 Sats!
