Hello Community!
Before we begin please support my idea with a thumbs up and a comment. It'll be greatly appreciated and will motivate me to post a little more!
Lets keep it simple.
When taking a look at BTC/USD on the daily TF, we can see a massive sell off, which was expected after being rejected from the red trendline multiple times & after a decisive break down from the bull-flag. With previous lower lows being taken out easily, a panic sell off seemed to have pushed the price to its next favorable support which is the 55 EMA highlighted in yellow. If the 55 EMA holds we can see it make a move to test the previous s/r which is the white line drawn on my chart but if there's enough sideways action the red resistance line will come into play first. If it does indeed get rejected again from the red or white s/r line, I would not be surprised if it falls back down to the red support line below which has been a massive S/R line in the past. That line is also the next support if the 55 EMA fails.
This is not Financial advice.
Safe Trading Calculate Your Risk/Reward & Collect!
Simplicity Wins
Before we begin please support my idea with a thumbs up and a comment. It'll be greatly appreciated and will motivate me to post a little more!
Lets keep it simple.
When taking a look at BTC/USD on the daily TF, we can see a massive sell off, which was expected after being rejected from the red trendline multiple times & after a decisive break down from the bull-flag. With previous lower lows being taken out easily, a panic sell off seemed to have pushed the price to its next favorable support which is the 55 EMA highlighted in yellow. If the 55 EMA holds we can see it make a move to test the previous s/r which is the white line drawn on my chart but if there's enough sideways action the red resistance line will come into play first. If it does indeed get rejected again from the red or white s/r line, I would not be surprised if it falls back down to the red support line below which has been a massive S/R line in the past. That line is also the next support if the 55 EMA fails.
This is not Financial advice.
Safe Trading Calculate Your Risk/Reward & Collect!
Simplicity Wins