Price may appears to be struggling at our daily resistance Level $30,715. Price action appears to having a difficult time maintianing Bullish Market structure and creating a Higher High on the 4Hr timeframe. In our recent publishing we were anticipating a pullback as we transitioned into the new Weekly Candle. We got that as price pulled back to our nearest daily support level at $29,901. Can't expect much as a trader after quite the sizeable move from 24.5K last week.
Comment:
Price has tapped into our Weekly S/R Zone once again. This was anticipated as price was failing to create a Higher High with regard to market strucutre on the 4hr timeframe. The increase in price was being halted by our Daily/4hr Zone $30,715
Trade closed: target reached
Trade closed: target reached:
Price came within a very short distance of our Take Profit #2
only a few points then bounced back to the upside. It is now ranging
only a few points then bounced back to the upside. It is now ranging
Comment:
We have now reached Daily support level and may go back into a range on the 1Hr/4Hr Timeframes
Comment:
Price has hit our short target and so there was no good reason to hold on to short positions. Now we can observe a BUllish BTC testing the $30,715 once again. I would prefer a 1hr or 4hr candle close above this zone. Entry on pullback to the zone or a Buy Stop is another form of entry but it is riskier buying the high like that
