God morning Traders,
very interesting situation on Bitcoin.
We have few support and resistance levels (not zones).
Rising price created rising channel and price is on resistance line.
In channel there are two lines – bottom is support and upper line is resistance.
Also we have resistance on split candles (52060) and on Doji (53069).
but first we have 50000 resistance. If the price will ris above 52060, then there is possibility to open long position after candle that close above that specific level.
Those levels should created significant resistance for the price to rise higher.
For the passed 250 years Japanese traders saying that “essence of the price changes is real body of candlestick” – open and close price. Do not ignore this old wisdom. - Level of 49275.4.
Most of the traders looking for SR level on Highest and lowest price. This is wrong.
But check on the chart yoyr self where is SR levels.
Wisdom saying - that Is not highest or lowest price is important but the open and close price.
For the support level we have: 49000, 48000 and 46584 levels.
Price remain on the top of the channel, then we should not open long position.
Within 30% of the channel if the price will start going down then we can open short position.
But price reaming over support level of 50000. So be careful.
Momentum is on very high level -in zone of buing. But last peak stop price from rising higher.
If price will start droping (long candle) we will be able to open short position.
Do not forget to click on like this analysis. .
Cheers,
Jim
very interesting situation on Bitcoin.
We have few support and resistance levels (not zones).
Rising price created rising channel and price is on resistance line.
In channel there are two lines – bottom is support and upper line is resistance.
Also we have resistance on split candles (52060) and on Doji (53069).
but first we have 50000 resistance. If the price will ris above 52060, then there is possibility to open long position after candle that close above that specific level.
Those levels should created significant resistance for the price to rise higher.
For the passed 250 years Japanese traders saying that “essence of the price changes is real body of candlestick” – open and close price. Do not ignore this old wisdom. - Level of 49275.4.
Most of the traders looking for SR level on Highest and lowest price. This is wrong.
But check on the chart yoyr self where is SR levels.
Wisdom saying - that Is not highest or lowest price is important but the open and close price.
For the support level we have: 49000, 48000 and 46584 levels.
Price remain on the top of the channel, then we should not open long position.
Within 30% of the channel if the price will start going down then we can open short position.
But price reaming over support level of 50000. So be careful.
Momentum is on very high level -in zone of buing. But last peak stop price from rising higher.
If price will start droping (long candle) we will be able to open short position.
Do not forget to click on like this analysis. .
Cheers,
Jim